Media releases

24 October 2020

Scottish councillors renew call for nuclear weapons divestment after ban treaty’s 50^th ratification

Councillors have renewed their calls for Scottish local authority pension funds to divest from companies that make nuclear weapons, following the fiftieth ratification of the United Nations Treaty on the Prohibition of Nuclear Weapons (the nuclear ban treaty).¹ The treaty bans the development, production, testing, possession and use of nuclear weapons and will now enter into force on 22 January 2021.

Research by the Don’t Bank on the Bomb Scotland network² shows that Scottish banks, pension funds and public bodies have over £6 billion invested in companies that make nuclear weapons and their delivery systems.

Linda Pearson of the network said: “When the nuclear ban treaty enters into force, these investors will be profiting from the production of weapons that are prohibited by international humanitarian law. These investments are simply unethical and as more and more states implement the provisions of the treaty, there’s a risk that they will become stranded assets.”

Scotland’s eleven local authority pension funds together hold shares worth over £300 million in nuclear weapons producers. Lothian Pension Fund and Strathclyde Pension Fund’s investments account for two thirds of that total.

Three Scottish councils – Renfrewshire, West Dunbartonshire and East Ayrshire – have passed a resolution calling on Strathclyde Pension Fund to divest from nuclear weapons.

SNP Councillor for Renfrewshire and Nuclear Free Local Authorities Scotland Vice Convenor, Audrey Doig, said: “The nuclear ban treaty was negotiated because most of the world recognises the grave threat that nuclear weapons pose to people and planet. We should not be investing our pensions in weapons that have the power to kill thousands of civilians instantly, and the potential to alter the global climate if used in war.”

“Moreover, these investments present a financial risk to pension funds,” Doig continued. “Companies that make banned weapons face damage to their reputation and their value, as we saw when cluster munitions were banned a few years ago. We therefore reiterate our call for Strathclyde Pension Fund to divest from nuclear weapons producers at the earliest opportunity.”

Edinburgh City Council passed a resolution in support of the nuclear ban treaty in June 2019 and Midlothian Council has passed a resolution in support of nuclear weapons divestment.

Edinburgh Green Councillor Steve Burgess said: “Edinburgh City councillors took an important step by supporting the nuclear ban treaty, but our pension fund still has over £100 million invested in nuclear weapons producers. Now that the treaty’s entry into force is imminent, it’s time for Lothian Pension Fund to align its policies with international law and exclude investment in companies that make these indiscriminate, inhumane weapons.”

Around 100 financial institutions have changed their policies around nuclear weapons since the nuclear ban treaty was adopted by 122 nations at the United Nations in New York in 2017.

“Clearly, an international norm against investment in nuclear weapons is being established”, said Linda Pearson, “Scotland’s support for nuclear disarmament is known throughout the international community and we believe that our financial choices should reflect that.”

ENDS

1. Honduras deposited the fiftieth ratification on 24 October 2020.
2. The following organisations are part of Don’t Bank on the Bomb Scotland: Scottish CND, Medact Scotland, Pax Christi Scotland and the Edinburgh Peace and Justice Centre. Each of these organisations is an official partner of the International Campaign to Abolish Nuclear Weapons. See https://nukedivestmentscotland.org/

Ahead of Hiroshima anniversary, new report highlights connections between nuclear weapons and climate change

3 August 2020

Don’t Bank on the Bomb Scotland has launched a report examining the links between nuclear weapons, environmental destruction and climate change.

Published ahead of the 75^th anniversary of the US atomic bombing of Hiroshima on 6 August, the report details the environmental and health consequences of nuclear weapons production, testing and use and argues that abolishing nuclear weapons and curbing militarism are essential to address the climate emergency.

“This excellent report spells out deadly links between the threats to all life on earth of humanly generated nuclear radiation, the risks of nuclear war, global heating and environmental degradation. The evidence makes clear the urgency of Just Transitions away from the often government-endorsed military and industrial practices that cause these harms. It also shows the importance of a vigorous and united environmental and peace movement that is doing everything we can do to change this.”
Lynn Jamieson, Chair of Scottish CND

Using case studies from around the world, the report shows how uranium mining and nuclear weapons testing have caused widespread environmental devastation. Much of this activity has been carried out on Indigenous lands and Indigenous people have been left to deal with the long-term health and environmental consequences.

In the case of some countries, such as the Marshall Islands and Kiribati, communities that were subjected to nuclear weapons testing are now bearing the brunt of climate disruption.

The report points out that over the next five years, the UK is set to spend three times more on its military nuclear weapons programme (£7.4 billion per year) than it will provide to developing nations in the form of climate finance (£2.3 billion per year). The world’s largest historical emitter of greenhouse gases, the US, is spending 15 times more on nuclear weapons in 2020 ($37.2 billion) than it has committed to climate finance ($2.5 billion).

“Developed nations are disproportionately responsible for causing the climate emergency but developing countries are experiencing the worst impacts. It’s shameful that rich nations like the UK spend more on weapons of mass destruction than they are giving to poorer nations that are the most vulnerable to rising seas and extreme weather events.”
Patrick Harvie, Co-Convenor of the Scottish Green Party and MSP for the Glasgow region

The report outlines the widespread devastation that would result from a nuclear detonation in Glasgow city centre. A nuclear war could wipe out the human race, the report says, as the soot and smoke generated by nuclear explosions would block sunlight from reaching the earth.

The combination of a new nuclear arms race and increasing climate disruption make this scenario more likely, the report warns.

“All nine nuclear-armed nations are currently investing heavily in their nuclear arsenals and key arms control agreements have been terminated”, Linda Pearson, author of the report said. “When climate change impacts the availability of key resources, such as water, there is a risk that inter-state rivalry will turn into conflict involving nuclear weapons. These states should be co-operating on measures to address the current climate emergency, not building weapons that could cause another climate emergency.”

Citing the environmental and humanitarian impact of the arms industry, the report recommends that the Scottish Government support a Just Transition away from military production, as well as from fossil fuels. This transition must tackle the deep-seated inequalities which lead to poor socioeconomic outcomes for ethnic minorities and women, the report says.

“The Covid-19 pandemic has demonstrated the futility of military spending in the face of the most serious human security threats”, Dr Guy Johnson of Medact said. “Nuclear bombs can’t defend us from a virus and they can’t stop the climate emergency. There is an urgent need to shift priorities at the national and international level – our economies should serve people and planet, not power and profit.”

For more details email nukedivestmentscotland@gmail.com. 

Peace Campaigners to launch Nae Cash for Nukes report

15 November 2019

Peace campaigning organisation Don’t Bank on the Bomb Scotland is launching a new report at a Public Meeting on Tuesday November 19 between 6.30pm – 8.30 pm at the Quad Teaching Room G158, Old College, South Bridge, Edinburgh EH8 9YL.

The report called “Stop Funding the End of The World” details Scotland’s nuclear weapons investments and the steps that can be taken to support divestment.

Speakers at the meeting are Linda Pearson from Don’t Bank on the Bomb Scotland, the author of the report, Councillor Audrey Doig who is chair of the Nuclear Free Local Authorities organisation and John Finnie MSP.

Ahead of the event, John Finnie MSP said:

“Along with climate change, the growing threat of nuclear war presents an existential threat to humanity. We must end all support for fossil fuel extraction and the production of nuclear weapons, and that means Scottish banks and pension funds must divest from the companies involved. I encourage anyone who cares about their fellow human beings to attend this event and learn about the steps they can take to support Don’t Bank on the Bomb Scotland’s divestment campaign.”

Councillor Audrey Doig added:

“Local Councils, Scottish Parliament and Government departments have to now look at the moral standing of their pension funds supporting the companies that produce nuclear weapons.
In the past other campaigns have been successful in stopping investment in such items like real fur clothing and smoking. We need to give the support to this campaign now and we will make the future for our children a much safer and cleaner environment in Scotland.”

Don’t Bank on the Bomb Scotland and Medact Scotland member, Dr Michael Orgel said:

“Medact Scotland doctors campaign within DBOTB Scotland for Scottish banks and pension funds to divest from nuclear weapons.
We know there is no possible meaningful medical or humanitarian response to use of nuclear weapons.  We must prevent what we cannot cure. Eliminating all the investment in nuclear weapons before they eliminate us would also allow us to fund a Green New Deal and respond to the urgent needs of society.”

Background Notes for journalists

• Don’t Bank on the Bomb Scotland is an organisation which has representatives from Scottish CND, Medact – the medical profession campaign against nuclear weapons, the Edinburgh Peace and Justice Centre and Edinburgh CND.
• The report which is being launched at the public meeting is called – Stop Funding the End of the World.
• The report details how banks, public services pension funds and other financial institutions support the production and development of nuclear weapons.
• The report also provides a step by step guide on how campaigns to support divestment from supporting nuclear weapons can be progressed.

For more details email nukedivestmentscotland@gmail.com.

Scottish Councillors support calls for nuclear weapons divestment

22 September 2019

Scottish Councillors are welcoming today’s publication of a report into Scotland’s nuclear weapons investments and calling for local authority pension funds and other public institutions to divest.

First published in 2018 by Don’t Bank on the Bomb Scotland,* the report details the nuclear weapons investments of Scottish banks, Scottish local authority pension funds, Scottish universities and the Scottish Parliamentary Pension Scheme, and features a step-by-step guide for people who want to get involved in the divestment campaign.

This year’s edition of the report covers 30 nuclear weapons companies compared to 22 last year. Key findings include:

• RBS Group, Lloyds Banking Group and Standard Life Aberdeen together invested £5.7 billion in major nuclear weapons between 2017 and 2019.
• Scotland’s largest public pension scheme, the Scottish Local Government Pension Scheme, holds shares worth over £321 million in 18 nuclear weapons companies.

A growing list of Scottish local authorities are challenging these investments.  In May 2019, Renfrewshire Council became the first local authority in the UK to pass a resolution calling on its pension fund (Strathclyde) to divest from nuclear weapons producers.  Since then, West Dunbartonshire Council and Midlothian Council have passed similar resolutions.

Welcoming the report, Renfrewshire Councillor and Vice Convenor of Nuclear Free Local Authorities Scotland Audrey Doig said: “Local councils, Scottish Parliament and Government departments have to now look at the moral standing of their pension funds supporting the companies that produce nuclear weapons. In the past other campaigns have been successful in stopping invest in such items like real fur clothing and smoking. We need to give the support to this campaign now and we will make the future for our children a much safer and cleaner environment in Scotland!”

Edinburgh Councillor Steve Burgess said: “As a councillor and a member of Lothian Pension Fund, I find it deeply troubling that Scottish local authority pension funds have over 320 million invested in nuclear weapons companies. Lothian Pension Fund alone has investments in four companies with contracts related to Britain’s Trident nuclear weapons programme. Two are involved in the development of new nuclear weapons and therefore deeply embroiled in a new nuclear arms race which endangers us all.

If we’re opposed to nuclear weapons it’s important that we stop backing the companies that make them”, Councillor Burgess added. “I strongly support Don’t Bank on the Bomb’s call for Scottish banks, pension funds and public bodies to divest from nuclear weapons.”

Arthur West, Chair of Scottish CND, one of three groups that make up the Don’t Bank on the Bomb Scotland network said: “Financial institutions in Scotland are funding the companies that manufacture nuclear weapons. Without that investment capital those companies would not be able to continue building the bomb.

“The Don’t Bank on the Bomb Scotland Guide is a must read for like local councillors, Parliamentarians and anyone responsible for deciding how public and private funds are invested as well as ordinary citizens and campaigners who want to ensure that their money is invested ethically”, he continued.

Dr Michael Orgel from Medact Scotland said: “The risk of nuclear weapons use is greater now than at any time since 1945 with the Doomsday Clock now set at two minutes to midnight, the closest since 1953. The only way to ensure we don’t face the terrible humanitarian crisis of a nuclear war is to halt the new nuclear arms race. An easy and effective way to do this is to tell your bank and pension fund to stop investing in the companies that produce nuclear weapons.”

ENDS

For more details email nukedivestmentscotland@gmail.com.

*Don’t Bank on the Bomb is a network of organisations including Scottish CND, Medact Scotland and Edinburgh Peace and Justice Centre.