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Investors from across the world are meeting at the UN Principles of Responsible Investment (PRI) conference in Canada this week, and ICAN is there to work with these sustainability leaders to put an end to the new nuclear arms race. In discussions about responsible investment in a new geostrategic reality, ICAN’s efforts to reduce the financing of the nuclear weapons industry has reached a new height, with 129 investors expressing support for the Treaty on the Prohibition of Nuclear Weapons
There is no doubt that the use of a nuclear weapon would have a catastrophic impact on people and the environment, what’s less talked about is the incredible damage it would do to the world’s economy. From devastating supply chains to potentially making the world’s food supply inedible (or ungrowable), nuclear weapons threaten everything. That is why banks, insurance providers, asset managers and asset owners have expressed support for the TPNW through policies, statements, or joining initiatives since the Treaty went into effect in 2021.
Check out the financial institutions leading the way
The UN PRI is an opportunity for more leaders in sustainability and responsible investment to support the Treaty and push back against a new nuclear arms race.
What does the PRI have to do with nuclear weapons?
The Principles of Responsible Investment is a set of six principles designed to guide investors in their efforts to incorporate responsible investment practices into their work. The principles were developed by investors in a process convened by the UN Secretary-General in 2005. To date, there are nearly 4,000 signatories, representing investors with over $120 trillion in assets under management.
The Principles call on investors to address Environmental, Social, and Governance issues in their policy statements and to cooperate in advancing sustainability goals. The norms against nuclear weapons, combined with the legal obligations to disarm (Nuclear Non Proliferation Treaty) and comprehensive prohibitions (Treaty on the Prohibition of Nuclear Weapons) mean investment in companies producing these weapons may trigger increased negative public attention and scrutiny. Over 80% of EU citizens support laws to hold companies accountable for harm to people and the environment and agree that companies should be legally obliged to not get involved in human rights violations or environmental crimes anywhere in the world.
How can PRI members get involved in ending the nuclear arms race?
PRI signatories should consider the nuclear weapons industry when looking at issues including human rights, environmental protection (and remediation of affected environments), and how to address concerns with proximity to harm and proximity to wrongdoing including through existing active ownership activities.
Investors have a chance to add their voices to those that want to eliminate these threats before they spiral out of control. ICAN, along with Etica SGR, have launched a Nuclear Weapons Free Finance Initiative, to gather support from the financial community to reject these weapons of mass destruction.
What is the Nuclear Weapons Free Finance Initiative?
This initiative builds on the joint statements delivered by representatives of the financial sector at meetings of the Treaty on the Prohibition of Nuclear Weapons. The initiative welcomes the UN Treaty on the Prohibition of Nuclear Weapons; encourages the adoption of nuclear weapons-free finance policies across lending, investment, and insurance, and; supports engagement with index and other service providers to ensure the availability of products excluding the companies involved in nuclear weapons. It is open for signature by investors and supporters.