Resolution on the Don’t Bank on the Bomb Campaign

Approved by the Science for Peace Board, Nov. 5, 2018

Recognizing the existential threat posed to human civilization and to life on our planer from the nearly 15,000 nuclear weapons in the world;

Deeply concerned by the absence of any meaningful nuclear disarmament negotiations;

Noting the plans by all nuclear-armed states to modernize and indefinitely retain their nuclear arsenals;

Realizing that a major reason for the intransigent perpetuation of these weapons is the tremendous financial profit they generate for the weapons producing corporations;

Noting that many financial institutions are invested in nuclear weapons producers:

Understanding that societal pressure can motivate these institutions to withdraw their financial support from nuclear weapons producers;

Resolved, that Science for Peace, and its members, support and promote the international ‘Don’t Bank on the Bomb’ campaign calling on all financial institutions to divest from all nuclear weapons producers.

Actions

1. Monthly meetings to educate ourselves on this issue and develop strategies to move nuclear weapons divestment forward

2. Timely and informative email exchanges keeping us up to date

3. Writing letters to Canadian financial institutions encouraging them to divest from nuclear weapons producers

4. Engaging and networking with activist groups across Canada on this issue

5. Holding actions at Canadian bank branches to raise awareness

6. Engaging and networking with groups internationally

For more information see Don’t Bank On The Bomb.

Canadian specific information

Each of the major Canadian banks has a Corporate Responsibility/Responsible Finance webpage setting out ethical investment policies. Most mention nuclear weapons. For example, the Toronto Dominion Bank states that “TD has established policies, procedures and reporting mechanisms to identify environmental and social risks. TD does not finance transactions relating to … the trade in, or manufacturing of, material for nuclear, chemical or biological weapons, or for land mines or cluster bombs.” However, TD has been identified as having transactions totalling over US$ 2 billion with nuclear weapons producers during the last four years. The other banks have similar inconsistencies.

As individuals, we can raise this issue with our bank managers and financial advisors. As they hear from more people it will raise the issue in their consciousness and begin to have an impact on their policy decisions.