The report, titled "Don't Bank on the Bomb," found that investors hold over $709 billion (approximately 6,550 billion SEK) in shares and funds in the 25 companies. Additionally, these companies have received about $300 billion in loans and guarantees during the same period. Both the value of shares and funds, as well as loans and guarantees, have clearly increased compared to previous reports.
Susi Snyder, a representative of ICAN, said at a press conference: "For the first time in five years, the number of investors has increased. The value of shares and funds continues to rise. A surprise in this year's report is that we have seen more direct loans and underwriting guarantees to the nuclear weapons industry." She attributed the trend to increased pressure on the financial sector to invest in defense, including lifting restrictions on controversial weapons manufacturers.
For the first time in five years, the number of investors has increased. The value of shares and funds continues to rise. A surprise in this year's report is that we have seen more direct loans and underwriting guarantees to the nuclear weapons industry.
Swedish bank SEB appears on the list of financiers, according to the report. SEB has been included in previous editions, as reported by Dagens Nyheter. In 2022, SEB told the newspaper Syre that loans to such companies are conditional on not being used for development and production of nuclear weapons. However, last year SEB changed its policy to allow business relationships with companies in the nuclear weapons industry as long as they have their headquarters in a NATO country, according to Dagens Nyheter.
Snyder commented on SEB's policy shift: "It doesn't stop the problem with nuclear weapons, but it protects SEB's reputation." She also expressed concern about Sweden's changing stance on nuclear disarmament, saying: "Sweden's government used to be a very strong voice for nuclear disarmament and non-proliferation and I am concerned that it is no longer."
The pressure has really increased on the financial sector to invest more in the defense industry in general, including lifting restrictions on manufacturers of indiscriminate or controversial weapons like nuclear weapons.
Companies involved in the report include Northrop Grumman and Airbus, according to the report. Snyder noted that these companies do more than just nuclear weapons, and that general investments free up funds for other purposes, including nuclear weapons production.
The report does not specify which financial institutions are among the 301, nor does it provide a breakdown of the $709 billion in holdings by institution type. The exact impact of SEB's policy change on its actual investments remains unclear, as does the full list of the 25 companies identified.
They do more than just nuclear weapons. And no investor says they want to finance specifically nuclear weapons, just as no one says they only want to finance artillery production. But general investments free up funds for other purposes.
It doesn't stop the problem with nuclear weapons, but it protects SEB's reputation.
Sweden's government used to be a very strong voice for nuclear disarmament and non-proliferation and I am concerned that it is no longer.