In today’s sitting of the House of Lords, Baroness Sue Miller took advantage of a question posed by the Bishop of Coventry on the imminent passing into legal force of the Treaty on the Prohibition of Nuclear Weapons to draw attention to the vital need for banks and pension providers to reconsider their investment policy about nuclear weapons in light of the new treaty.
It’s what our campaign has been calling for. Financial institutions must take into account this new international standard when making investments and offering financial services. The treaty places nuclear weapons on an equal footing to other controversial weapons like cluster munitions – so controversial weapons policies which prohibit banks and pension funds from investing in certain weapons should absolutely be extended to nuclear weapons in light of the TPNW.
My Lords, for the purposes of investment, this treaty puts nuclear weapons clearly in the category of controversial weapons. Does the Minister agree that investment in such weapons by responsible and ethical pension funds and other investors will quickly become completely unacceptable?Baroness Sue Miller of Chilthorne Domer