The role of the financial community in TPNW implementation November 29, 2023 at 1:15pm - 2:45pm Eastern Time (US & Canada) UN Conference Room B UN Headquarters 405 E 45th St New York, NY 10017 United States Contact person: Susi Snyder
Ongoing threats to use nuclear weapons create a systemic risk for the world. Responses to these threats include government action including through the TPNW, sanctions and other restrictions, and these activities impact markets and can be reinforced by the financial community. Investors have a stake in preventing nuclear weapons use at any time and in any place. Investors are already key stakeholders in efforts to prevent biodiversity loss, to slow climate change, and to protect human rights. The financial community’s efforts to engage with and halt the ongoing development and potential use of nuclear weapons is also growing.
The UN Treaty on the Prohibition of Nuclear Weapons (TPNW) entered into force on January 22, 2021. It is a landmark agreement that comprehensively prohibits the development, manufacturing, testing, possession, use and threat of use of nuclear weapons. Article 1 (e) of the Treaty on the Prohibition of Nuclear Weapons makes it a violation of the treaty for a State Party to “assist, encourage or induce, in any way, anyone to engage in any activity prohibited to a State Party under this Treaty.”
The prohibition of the production of nuclear weapons implies prohibiting the financing that enables the production to proceed. The treaty’s prohibition of assistance on banned acts means it is also against the treaty to authorise investment of public or private funds in the development, production, manufacturing or stockpiling of nuclear weapons or other nuclear explosive devices.
While States bear the responsibility for the full implementation of the Treaty and its articles, and for ensuring that all those operating within their jurisdiction adhere to the standards set forth, there may be implications for investors, or a role for investors in supporting the fulfilment of its objectives. The human rights risks associated with nuclear weapons are severe and irremediable, and the companies producing key components for nuclear arsenals are contributing to these human rights risks.
This side event will hear from states, the financial community and experts on the ways and means they are revoking implicit permission to make weapons of mass destruction through the Treaty on the Prohibition of Nuclear Weapons.