In February, at the conclusion of its 2024 annual meeting in Milan, the Global Alliance for Banking on Values (GABV) issued a statement calling upon “financial institutions everywhere to follow its lead and divest from the arms industry that propagates conflicts across the globe”. This also includes companies involved in the production of nuclear weapons. The statement refers to a commissioned report highlighting, among others, the latest Don’t Bank on the Bomb findings on financial sector links to nuclear weapon producers as well as the financial institutions restricting or excluding investments in the nuclear weapon industry. 
The statement recognizes the pivotal role of the financial sector in arms trade and production, and “calls on the financial industry to stop financing the production and trade of weapons and arms, encourages institutions to introduce or expand existing policies that curb finance for the weapons and arms industry, and asks that they disclose these transparently”.
The GABV is a global network of independent banks, with a shared commitment to use finance for sustainable economic, social and environmental development. Collectively holding up to USD200 billion in assets under management, the network has presence in more than 45 countries across Africa, Latin America, Asia Pacific, North America and Europe.
Logo credit: Global Alliance for Banking on Values
Image credit: The Climate Reality Project via Unsplash