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‘Don’t invest in the bomb’

Friday, August 24, 2018

Belgium - A new report from the Belgian Coalition against Nuclear Weapons with FairFin and Bankwijzer.be shows that BNP Paribas is investing nearly $ 9 billion in nuclear weapon producers. This makes it the largest investor among banks active in Belgium. These investments concern the 20 largest producers of nuclear weapons in the world. BNP Paribas also achieved a poor score for its investment policy in nuclear weapons.

Deutsche Bank had until recently invested just over $ 7 billion in 17 nuclear weapons companies. However, the bank has recently tightened its policy, although the back gates remain open. ING has more than 900 million dollars with 7 nuclear weapon producers and a moderate policy.

Very positive is that since 1 July 2018, KBC has sharply adjusted its exclusion policy with regard to nuclear weapons. A large part of the weapon producers were also put on its public blacklist.

Asset managers Degroof Petercam, Delen Private Bank and Treetop Asset Management also invest. Moreover, they do not have a public policy. Delen Private Bank is said to have sold its investment, just like Degroof Petercam in part.

Finally, no financing was found at Belfius, Argenta, vdk bank, Van Lanschot and Triodos. However, Belfius currently has a moderate policy, which entails risks.

The report recommends that banks adopt a clear and unabiguous policy and make it public, as well as a list of exluded companier. The Belgian government is urged to extend the law prohibiting financing of controversial weapons to include nuclear weapons, and to assume its responsability as a major shareholder of BNP Paribas and Belfius to encourage banks to adopt a more ethical policy and investment.

Read the full report here

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