Who Has the Power to Destroy Life on Earth? Only Nine Countries
March 9, 2018
Don't Bank on the Bomb: 2018 Report
Nuclear weapons are indiscriminate, inhumane and immoral -- and they are prohibited by international treaty. Still, from January 2014 through October 2017, researchers found 329 banks, insurance companies, pension funds and asset managers from 24 countries that had invested significantly in the top 20 nuclear weapon producers. Of these, 204 were based in North America, 70 were based in Europe, 52 were based in Asia- Pacific, 3 in the Middle East. None were based in Africa or Latin America.
2018 Don't Bank on the Bomb Report: Excerpts
Don't Bank on the Bomb
Download the full report here.
Beatrice Fihn / International Campaign to Abolish Nuclear Weapons
(March 7, 2018) -- Around the world a tiny handful of governments are risking everything we hold dear. It's only nine countries, nine countries that would rather put the fate of humanity at risk than support their own populations. Nine countries, supported by another couple dozen, that think nuclear weapons are somehow a solution, somehow an answer to global problems. Only nine countries.
And these nine countries are all right now modernizing their nuclear arsenals. They are developing new types of nuclear weapons, for new types of missions, making the use of nuclear weapons more likely. They are spending countless billions to make it easier to use nuclear weapons to wipe out entire cities. The governments of China, France, India, Israel, North Korea, Pakistan, Russia, the United Kingdom and the United States are committing tremendous resources to maintain objects designed to commit mass murder.
Nuclear weapons are weapons created to cause catastrophic suffering. UN agencies, the International Red Cross and Red Crescent movements, and first responders the world over know that should nuclear weapons be used again, no help is coming. No relief for the burns, the blast, the fire.
But there is hope.
A majority of the world's countries decided to reject nuclear weapons when they adopted the Treaty on the Prohibition of Nuclear weapons in July 2017. Governments are now signing and ratifying the treaty and making the only rational choice in the face of increasing nuclear dangers.
Even in countries that are have not yet joined the treaty, academia, parliaments, civil society and industry are taking note. Nuclear weapons, like other weapons of mass destruction, are now forbidden by international treaty.
This report brings attention to how you can use this treaty to influence a powerful actor in the fight against nuclear weapons -- the financial institutions. By divesting from nuclear weapon producers, we can make it harder for those that profit from weapons of mass destruction and encourage them to cut the production of nuclear weapons from their business strategies.
Producing, possessing and modernising nuclear weapons is not something to be proud of and Don't Bank on the Bomb names those that are still okay with trying to make a profit from producing nuclear weapons, our job is to shame them.
When the world is closer to nuclear war than ever, we need to make sure that no one should profit from this terror.
Beatrice Fihn is the Executive Director of the International Campaign to Abolish Nuclear Weapons, ICAN, winner of the 2017 Nobel Peace Prize.
Susi Snyder / PAX & Don't Bank on the Bomb
Nuclear weapons remain the most destructive weapons ever designed. Weapons designed to devastate cities, to annihilate armies, and to vaporize populations.
In July 2017, the majority of the world rejected these weapons thoroughly and unequivocally with the adoption of the Treaty on the Prohibition of Nuclear Weapons. Now, not only are nuclear weapons indiscriminate, inhumane and immoral, they are prohibited by international treaty.
The world is taking notice. The path towards the end of nuclear weapons is now clear and it begins with the Treaty on the Prohibition of Nuclear Weapons. As governments prepare to step onto that path, some in the private sector are showing the way.
Since the adoption of the nuclear ban treaty two of the five largest pension funds in the world announced changes in their relationships with nuclear weapon producers. ABP, the fifth largest pension fund , recognising that investments in nuclear weapons have been a dilemma for some time, announced that due to "[c]hanges in society, also at an international level . . . nuclear weapons no longer fit in with our sustainable and responsible investment policy."
Within the next year, ABP will make sure that nuclear weapon producers no longer have access to their $500 billion asset pool (€405 billion). 
Another $1,037 billion (€840 billion) are going to be kept out of more nuclear weapon producer hands, as the Norwegian Government Pension Fund (globally the 2nd largest pension fund ) announced the first changes to the application of its nuclear weapon policy since 2013, the year the Norwegian Government hosted the first conference on the Humanitarian Consequences of Nuclear Weapons. These exclusions reflect the understanding that nothing to do with the production of nuclear weapons is acceptable.
The Hall of Fame profiles financial institutions with comprehensive policies that prohibit any type of investment in any type of nuclear weapon producer. For the first time this year, a US financial institution joins the Hall of Fame, though the 22 institutions included are primarily European.
The Runners-up also provides an overview of policies that limit financial institutions from profiting from the production of nuclear weapons.
The 41 institutions profiled show there is enough stigma against investing in nuclear weapons to develop some kind of policy, but there is still work to do to close the remaining loopholes. To make it clear just how much word is left to bring these policies into the Hall of Fame, these Runners-up are ranked according to policy comprehensiveness.
Next to the positive developments, there is also a negative nuclear weapons trend that cannot be ignored. The rhetoric around the possible use of nuclear weapons has increased dramatically, with threats of fire and fury flying like missile across the Pacific. This trend is not limited to rhetoric alone, as the Trump Nuclear Doctrine significantly seeks to expand nuclear weapons capacities in the US over the coming years, as well as lowering the threshold for use.
While our research doesn't show an increase in the number of investors involved, it does show that a number of investors have increased the amounts available to nuclear weapon producing companies. The top ten investors alone made 56 billion more available to the nuclear weapon producers, more than half of the total increase.
This report profiles 20 of the companies involved in nuclear weapon production. This selection of the top twenty is an attempt to identify the privately owned companies that are most heavily involved in the nuclear weapon industrial complex, it is not an exhaustive list. These companies have appeared in each Don't Bank on the Bomb report since the project was first launched, and though there have been some name changes, this is the key red flag list.
Several companies producer key components for more than one nuclear arsenal. BAE Systems in fact, is engaged in the arsenals of France, the United Kingdom and the United States.
Another ten companies are also connected to the Trident II (D5) missile system -- a nuclear weapon design used by both the UK and the US, in addition to other nuclear weapon related activities they carry out. For some, this might spark questions about the actual independence of each arsenal.
When financial institutions invest in companies associated with nuclear weapon production, they provide the financing to maintain, test, and modernise nuclear weapons. In short: no money means no production. The financial sector has a role to play in ending nuclear weapons, and this report is a way to monitor progress and inspire action.
At the end of the day, it is only nine countries that have nuclear weapons. Nine untrustworthy countries that are gambling with the future by making their nuclear weapons more usable, developing new nuclear capabilities, and announcing more and more possibilities for the actual use of their nuclear forces.
Compelling change from these nine countries will take a variety of approaches. One of those is pressuring the private companies involved in their arsenals through the financial sector. Those financial institutions currently seeking to profit from nuclear weapons are, like the handful of countries that still believe in the utility of nuclear weapons are increasingly isolated and stigmatized.
Financial institutions have a choice, either to contribute to the end of nuclear weapons, or to provide the financing that will allow nuclear weapons to end us.
 (ABP, a Dutch pension giant, is more admired abroad than at home 2017)
 (ABP Pension Fund excludes tobacco and nuclear weapons 2018)
 (ABP, a Dutch pension giant, is more admired abroad than at home 2017)
Don't Bank on the Bomb: 2018 Summary Findings
329 Significant Investors
From January 2014 through October 2017, our research found 329 banks, insurance companies, pension funds and asset managers from 24 countries that invest significantly in the top 20 nuclear weapon producers.
Of these, 204 are based in North America, 70 are based in Europe, 52 are based in Asia- Pacific, 3 in the Middle East, and none are based in Africa or Latin America. All financial institutions are identified at the group level, though many operate subsidiaries in other regions. The total number of investors is 30 fewer than the previous report.
20 Nuclear Weapon Producing Companies
Don't Bank on the Bomb 2018 profiles the top 20 companies involved in the production of key components for the nuclear arsenals of France, India, the United Kingdom and the United States. The list of companies is not exhaustive. It is an attempt to identify the privately owned companies that are most heavily involved in the nuclear weapon industrial complex.
There remain other companies involved on a different scale or more indirectly. The companies described here are based in France, India, the Netherlands, the United Kingdom and the United States.
One producer, CH2M Hill (United States) was acquired in December 2017 by Jacobs Engineering however, we have retained their profile and investment information as the acquisition took place after the close of our financial research period (January 2014- October 2017).
$525 Billion Invested
In total, more than USD 525 billion was made available to the nuclear weapon producing companies by the investors listed.
These investors assisted with share and bond issuances, owned or managed shares and bonds or outstanding loans or made credit facilities available to nuclear weapon producing companies between January 2014 and October 2017. The research includes all outstanding loans and credit facilities during the research period, not only new loans issued.
The top 10 investors alone provided more than USD 253 billion to the identified nuclear weapon producers, nearly half of the total investment. All of the top 10 are based in the US. The top 3: Blackrock, Capital Group, and Vanguard, have a combined investment of more than $110 billion.
In Europe, the most heavily invested are BNP Paribas (France), Crédit Agricole (France) and Barclays (United Kingdom) with combined investments over $24 billion.
In the Asia-Pacific region, the biggest investors are Mitsubishi UFJ Financial, Mizuho Financial, and Life Insurance Corporation of India (India) with a combined investment of over $17 billion.
22 Positive Examples: The Hall of Fame
Don't Bank on the Bomb 2018 also profiles financial institutions that have adopted, implemented and published a policy that comprehensively prevents any financial involvement in nuclear weapon producing companies. 22 financial institutions have a public policy that is comprehensive in scope and application, four more than listed in the 2016 report. These are identified in the Hall of Fame.
The financial institutions in the Hall of Fame are based in Australia, Denmark, Italy, the Netherlands, Norway, Sweden, the United Kingdom and the United States.
Investments are not neutral. Financing and investing are active choices, based on a clear assessment of a company and its plans. Financial institutions, by adopting public policies prohibiting investment in the nuclear weapons industry, actively demonstrate the stigma associated with these weapons of mass destruction. These financial institutions are clearly in compliance with all provisions of the Treaty on the Prohibition of Nuclear Weapons.
41 Imperfect exclusions: Runners-up
Don't Bank on the Bomb highlights another 41 financial institutions that have taken the step to exclude nuclear weapon producers from their investments, but whose policy is not all-inclusive in preventing all types of financial involvement with nuclear weapon companies.
The Runners-up category is necessarily broad. Financial institutions included range from those with policies nearly eligible for the Hall of Fame, to those with policies that still allow considerable sums of money to be invested in nuclear weapon producers. [T]hey are therefore ranked to illustrate the comprehensiveness of their policies.
Even the no-star policies are included to demonstrate that there is a wide and ongoing debate among financial institutions when it comes to including nuclear weapons association criteria in their socially responsible investment standards. However diverse these policies, they all express a shared understanding that involvement in nuclear weapons production is at least controversial.
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The Companies Behind the Bombs
Nuclear weapon producing companies
This report identifies 20 companies operating in France, India, the Netherlands, the United Kingdom and the United States that are significantly involved in maintaining and modernising the nuclear arsenals of France, India, the United Kingdom and the United States. This is not an exhaustive list.
These companies are providing necessary components and infrastructure to develop, test, maintain and modernise nuclear weapons. The contracts these companies have with nuclear-armed countries are for materials and services to keep nuclear weapons in their arsenals.
In other nuclear-armed countries -- Russia, China, Pakistan and North Korea -- the maintenance and modernization of nuclear forces is carried out primarily or exclusively by government agencies. References and additional information is on the website, www.dontbankonthebomb.com
Aecom is part of the group of companies managing US nuclear weapons laboratories and testing facilities, including those responsible for design and fabrication of electronic, mechanical and structural systems for nuclear weapons. Without Aecom, modernisations plans for the US nuclear arsenal would come to a halt.
Aecom and its partners have been cited for substandard performance in recent years, and the US government cut the fees in recent years, citing “significant or ‘First Degree’ performance failure”.
Aerojet Rocketdyne (USA)
Aerojet Rocketdyne, formerly known as GenCorp is involved in the design, development and production of land- and sea- based nuclear ballistic missile systems for the United States. It is currently producing propulsion systems for the Minuteman III and Trident II (D5) nuclear missile systems.
Airbus (The Netherlands)
Airbus is a Dutch company that produces and maintains submarine-launched nuclear missiles for the French navy (the M51.2).
It is also developing the next generation submarine launched missiles, the M51.3. Airbus is a key member of the joint venture MBDA-Systems, which has contracts to extend the life of French ASMPA missiles through 2035. MBDA also has contracts for the new French missiles, the ASN4G.
BAE Systems (United Kingdom)
BAE Systems is involved in the nuclear weapons programmes of France, the UK and the US. It produces key components for Trident II (D5) missiles for the US and UK nuclear arsenals.
It also produces US Minuteman III Intercontinental Ballistic Missile (ICBM) systems. BAE Systems is also part of the MBDA joint venture and provides nuclear armed air-to-surface missiles for France.
Bechtel manages the Los Alamos and Lawrence Livermore national laboratories in the US, which play an important role in the research, design, development and production of nuclear weapons. The US National Nuclear Security Administration has been repeatedly criticized for renewing these contracts despite significant performance issues.
Bechtel is also involved in the production and refurbishment of US nuclear weapons at the Y-12 National Security Complex in Tennessee and the life extension programme for the W76 warheads deployed on Trident II (D5) ballistic missiles at the Pantex Plant in Texas.
Boeing is contracted to help keep the Minuteman III nuclear intercontinental ballistic missiles operational in the US nuclear arsenal until 2030. Boeing will also be producing the new Ground Based Strategic Deterrent system for the US, designed to replace the Minuteman III system.
Boeing is also producing the guided tail kit for the new B61-12 US nuclear gravity bomb (the ones meant to be deployed to Europe). In addition, Boeing also has contracts for key components for US and UK Trident II (D5) nuclear weapons.
BWX Technologies (USA)
BWX Technologies (“BWXT”) formerly known as Babcock & Wilcox Company operates several US nuclear weapons facilities through joint ventures. These facilities including the Lawrence Livermore National Laboratory, Los Alamos National Laboratory, and Nevada National Security Site (NNSS), previously known as the Nevada Test Site, each of which are engaged in aspects of nuclear warhead modernisation for the US arsenal and have also provided data to UK nuclear labs.
Along with other partners, BWXT was cited for substandard performance in recent years, and relevant US government agencies were criticized for renewing their contracts.
CH2M Hill (USA)
CH2M Hill is one of the joint venture partners operating the former nuclear weapons test site in the US (now called the Nevada National Security Site). The site continues to conduct nuclear weapons related experiments, sending data to both US and UK nuclear weapons laboratories. CH2M Hill was acquired by Jacobs Engineering in December 2017, information about CH2M Hill is included here for reference purposes.
Fluor is the lead partner responsible for the management and operation of the US nuclear weapons facilities at Savannah River South Carolina. Fluor is responsible for managing the nuclear arsenal at the sites (Savannah River Site and Savannah River National Laboratory) among other tasks.
General Dynamics (USA)
General Dynamics holds numerous contracts related to the Trident II (D5) missile systems for the UK and US. It provides a range of engineering, development, and production activities to support to US and UK Trident II Strategic Weapons Systems. It is also involved in the guidance systems of the Trident II (D5) nuclear missiles of the US Navy.
Honeywell International (USA)
Honeywell International manages and operates the National Security Campus (formerly Kansas City Plant), which produces about 85% of the non-nuclear components for US nuclear weapons including electronic, mechanical and hardware components.
Honeywell is also involved in managing other US nuclear weapon facilities including Savannah River, the National Nuclear Security Site (former test site), and the Sandia Lab. The work at Sandia includes the systems integration work connecting nuclear weapons to their delivery vehicles. Honeywell is also involved in producing key components for the Trident II (D5) nuclear missiles which comprise part of the UK and US arsenals.
Huntington Ingalls Industries (USA)
Huntington Ingalls Industries is involved in management of the US nuclear arsenal and related facilities, including tritium production at the Savannah River Site, the only source of new tritium for the US nuclear arsenal.
Jacobs Engineering (USA)
Jacobs Engineering Group is involved in the joint venture AWE-ML. They are The AWE is responsible for warhead maintenance for the UK’s Trident II-nuclear arsenal.
According to reports, the AWE facility is also developing a new warhead, the Mark 4A or Mk4A. The company is also part of the consortium responsible for the US nuclear weapons test site- Nevada National Security Site (NNSS) near Las Vegas.
Larsen & Toubro (India)
Larsen & Toubro is responsible for developing the launcher system for the nuclear-capable short-range surface-to-air Akash missile system for the Indian nuclear arsenal.
Lockheed Martin (USA)
Lockheed Martin is responsible for the construction of the Trident II (D5) nuclear missiles for the US and the UK. It is also involved in the production and maintenance of the Minuteman III nuclear intercontinental ballistic missiles for the US, and will now be developing the new Long Range Stand-Off (LRSO) missile.
It is part of the team that manages the UK Atomic Weapons Establishment, that designs, manufactures and maintains nuclear warheads for the UK. It is also engaged in US nuclear weapons modernisation at the Pantex, Savannah River and Y-12 facilities.
Northrop Grumman (USA)
Northrop Grumman makes Intercontinental Ballistic Missiles (ICBM) for the US nuclear arsenal. It is currently involved the Minuteman III missiles, and will now be producing the new “Ground Based Strategic Deterrent” (GBSD) nuclear missiles.
It also produces Trident II (D5) launcher subsystem components for the US and the UK. It is also partly responsible for the Nevada National Security Site (NNSS), previously known as the Nevada Test Site, which is engaged in aspects of nuclear warhead modernisation for the US arsenal and has also provided data to UK nuclear labs.
Orbital ATK (USA)
Orbital ATK (formerly known as ATK or Alliant Techsystems) produces rocket propulsion systems for Trident II (D5) submarine launched ballistic missiles for the US and UK nuclear arsenals.
Orbital ATK is also responsible for the solid propellant stages of the Minuteman III Intercontinental Ballistic Missile (ICBM) for the US and has a contract to produce components for the new “Ground Based Strategic Deterrent” (GBSD) nuclear missiles“. It is also involved in the nuclear weapons facilities Y-12 and Pantex which are refurbishing nuclear weapons for the US arsenals. Northrop Grumman announced it will acquire Orbital ATK in the first half of 2018.
Safran and Airbus together form ArianeGroup which is in charge of producing the solid rocket motors on the M51, the strategic ballistic missile in France's nuclear arsenal. The M51 carries multiple warheads and is replacing the M45.
Serco (United Kingdom)
Serco is part of the joint venture AWE-ML, which runs the UK Atomic Weapons Establishment. It is responsible for manufacturing and maintaining the nuclear warheads for UK arsenal. It is also involved in the development of an entirely new warhead, the Mark 4A or Mk4A which reportedly commenced without formally notifying the UK parliament.
Thales is working alongside the French government to modernise the M51.3 nuclear ballistic missiles and keep the ability to launch them from submarines. It has also been directly involved in production of the French M51 nuclear missile.
(1) Green Century, “Why Choose Green Century”, Green Century website (https://greencentury.com/why-choose-green- century/#oen), viewed 23 January 2018; Green Century, written response to PAX dated 5 February 2018.
(2) Green Century, written response to PAX dated 5 February 2018.
(3) Green Century, “Prospectus”, November 28, 2017, pages 33-35, Green Century website http://greencentury.com/wp-
content/uploads/pdf/prospectus.pdf, viewed 23 January 2018.
(4) Green Century, “Prospectus”, November 28, 2017, Green Century website http://greencentury.com/wp-
content/uploads/pdf/prospectus.pdf, viewed 23 January 2018; Green Century, written response to PAX, 1 December 2017;
Green Century, written response to PAX, 5 February 2018.
(5) Green Century, written response to PAX, 1 December 2017.
(6) Green Century, written response to PAX, 1 December 2017.
(7) Azzad Asset Management, “Ethical Investing”, Azzad Asset Management website (http://www.azzadfunds.com/), viewed 23 January 2018.
(8) Azzad Asset Management, “Ethical Investing Philosophy”, Azzad Asset Management website (http://www.azzadfunds.com/philosophy-process/),
viewed 23 January 2018.
(9) Azzad Asset Management, written response to PAX, 10 November 2017.
(10) Azzad Asset Management, written response to PAX, 10 November 2017.
(11) Azzad Asset Management, written response to PAX, 10 November 2017.
(12) Azzad Asset Management, written response to PAX, 6 December 2017.
Additional Sections in the Report:
The Companies Behind the Bomb
Hall of Fame
Hall of Shame
Country Specific Profiles:
United Kingdom (PDF)
United States (PDF)
United States of America
189 Financial Institutions have made an estimated $375,845 million
available to 20 nuclear-weapon-producing companies since January 2014.
This document contains country specific information from the 2018 Don’t Bank on the Bomb update.
Hall of Fame and Runners-up include financial institutions with headquarters in the country that have published policies banning or limiting investment in nuclear weapons producers.
Hall of Shame are the financial institutions that have significant financing relationships with one or more of the nuclear weapons producers identified in the report.
Nuclear weapon producers this document includes a brief summary of the nuclear weapons related work of each of the identified producers. For more detail go to the www.DontBankOnTheBomb.com website.
This briefing paper includes:
Hall of Fame: Green Century
Runners-Up: Azzad Asset Management
Policy research methodology
Hall of Shame
Nuclear weapon producing companies
Hall of Fame: Green Century
Green Century is a US-based fund manager with a focus on sustainability. It was founded and is owned by a group of 9 non-profit organisations, and uses all profits to support those organizations. (1) At the end of 2017, it had around USD 525 million (€429 million) in assets under management. (2)
Green Century’s prospectus states that for each of the Green Century funds "[c]ompanies determined to have significant business involvement in the following will not be included (. . .): genetically modified organisms (GMOs), firearms, military weapons, nuclear power, alcohol, tobacco, adult entertainment and gambling". (3 )
As a result, all companies classified as involved in manufacturing of “Nuclear Weapons”, or “Nuclear Weapons Components” are excluded. (4)
Green Century Capital Management is the investment advisor to the Green Century Funds and offers three environmentally and socially responsible funds, the Green Century MSCI International Index Fund (GCIFX/GCINX), the Green Century Equity Fund (GCEQX), and the Green Century Balanced Fund (GCBLX). The policy applies to all funds and all types of assets, including assets managed externally. (5)
Green Century makes use of an exclusion list to implement the policy, based on a variety of research providers, including MSCI, Factset, and Bloomberg. The list is not publicly available. (6)
Website: Twitter: https://greencentury.com/ @Green__Century
Runners-Up: Azzad Asset Management
Azzad Asset Management is a faith-based socially responsible investment firm offering Islamic investment portfolios and mutual funds, financial planning, and retirement plans for individuals and businesses. (7)
Azzad's socially responsible investment policy states that the company "screen[s] all potential investments to exclude companies that profit from (. . .) weapons, prisons, war and international conflict (. . .) and other areas that cause societal or environmental harm." (8) Companies that derive significant income (defined as more than 5% of their total income) from the processing or sale of weapons of mass destruction are excluded from investment.
This also covers companies involved in the production, development, trade or maintenance of nuclear weapons or specially designed delivery systems. Companies involved in a joint venture that is involved in the production of nuclear weapons or key components thereof are not excluded. (9) The policy applies to all types of investments, both managed internally and externally. (10)
Azzad Asset Management makes use of an exclusion list to implement the policy, but this list is not publicly available. (11) Azzad Asset Management was found to hold shares in the US-based nuclear weapon producer BWX Technologies. It clarified that this was based on a mistake and the shareholding has since been sold. (12)
We commend Azzad for adopting a nuclear weapon policy. We recommend Azzad to apply the policy to all nuclear weapon producers, regardless of the percentage of their turnover that is related to nuclear weapons.
Website: Twitter: Facebook: http://www.azzadfunds.com/ @AzzadFunds https://www.facebook.com/azzadfunds/ https://www.achmea.nl/
Susi Snyder is the Nuclear Disarmament Programme Manager for Pax in the Netherlands. Mrs. Snyder has coordinated the research, publication and campaigning activities surrounding the annually updated Don't Bank on the Bomb report since 2013. She has published numerous reports and articles, including Dealing with a ban (2015); The Rotterdam Blast: The immediate humanitarian consequences of a 12-kiloton nuclear explosion (2014); and Withdrawal Issues: What NATO countries say about the future of tactical nuclear weapons in Europe (2011).
She is an International Steering Group member of the International Campaign to Abolish Nuclear Weapons, and a 2016 Nuclear Free Future Award Laureate. Previously, Mrs. Snyder served as the Secretary General of the Women's International League for Peace and Freedom at their Geneva secretariat.
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