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For Immediate Release
March, 07 2018, 07:30am EDT
Contact:
Blair Fitzgibbon, 202-503-6141, blair@blairfitzgibbon.com
Massive $81 Billion Increase in Investment in Nuclear Weapons to Fuel Posturing
Nobel Peace Prize Laureate ICAN (International Campaign to Abolish Nuclear Weapons) and PAX today released the 2018 'Don't Bank on the Bomb' Report, which found a massive increase of USD 81 billion in new investment in 2017 compared to 2016. The report shows 20 companies in particular stand to profit the most from the increase in nuclear threats.
WASHINGTON
Nobel Peace Prize Laureate ICAN (International Campaign to Abolish Nuclear Weapons) and PAX today released the 2018 'Don't Bank on the Bomb' Report, which found a massive increase of USD 81 billion in new investment in 2017 compared to 2016. The report shows 20 companies in particular stand to profit the most from the increase in nuclear threats.
You can read the report here: https://www.dontbankonthebomb.com/2018-report
The 2018 Don't Bank on the Bomb Report found:
- A total of USD 525 billion (an increase of USD 81 billion) was made available to the nuclear weapon producing companies, of which USD 110 billion came from just three companies: BlackRock, Vanguard and Capital Group
- 329 banks, insurance companies, pension funds and asset managers from 24 countries invest significantly in nuclear weapons
- The top 20 nuclear weapon producing companies stand to benefit the most from this increased nuclear threat, most of which have dedicated significant lobbying resources in Washington DC
- On a positive note, since the adoption of the UN Treaty on the Prohibition of Nuclear Weapons 30 companies have ceased investing in nuclear weapons.
- Two of the top five largest pension funds in the world are divesting from nuclear weapons.
"If you have been wondering who benefits from Donald Trump's threats of nuclear war, this Report has that answer," said ICAN Executive Director Beatrice Fihn. "These are the companies that stand to profit from indiscriminate mass murder of civilians. We grow less safe while they cash in on chaos by banking on armageddon."
"A new nuclear arms race has moved the Doomsday Clock closer to armageddon, but it has also started a new nuclear gold rush for those wanting to cash in on mass destruction," said Ms Fihn.
While this Report found a massive increase of investment in mass destruction, it also profiles 63 financial institutions with policies limiting or prohibiting investment in any type of nuclear weapon producer.
Susi Snyder, of PAX and co-author of the Report highlighted the positive findings: "The nuclear ban Treaty has created a movement towards divestment, reflected in the reduction in the number of companies investing in nuclear weapons, and an increase in financial institutions comprehensively prohibiting any investment. Investments are not neutral, these companies should be congratulated for standing on the side of humanity."
The International Campaign to Abolish Nuclear Weapons (ICAN) is a coalition of more than 400 non-governmental organisations in 95 countries. We are calling on governments to launch negotiations on a treaty prohibiting nuclear weapons, which would place them on the same legal footing as chemical and biological weapons and help pave the way to their complete elimination.
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Nearly 300 Green Groups Urge Biden to Block LNG Expansion Ahead of Trump
"As we prepare to resist Donald Trump and his promises to unleash U.S. LNG on the world, you must use the remaining days of your presidency to lock in as much climate progress as possible," the groups wrote.
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As the United Nations Climate Change Conference in Baku, Azerbaijan draws to a close and the second presidency of Donald Trump approaches, nearly 300 organizations from almost 40 countries are calling on the Biden administration to do everything in its power to stop the buildout of liquefied natural gas infrastructure.
The 282 groups, which included the Sunrise Movement, Oil Change International, the Louisiana Bucket Brigade, the Center for Biological Diversity, and several branches of 350.org and Friends of the Earth, sent a letter to U.S. President Joe Biden on Thursday outlining several steps he and his administration could take to use "the time it has left" to scupper the LNG expansion ahead of Trump's second term.
"As we prepare to resist Donald Trump and his promises to unleash U.S. LNG on the world, you must use the remaining days of your presidency to lock in as much climate progress as possible," they wrote.
"Now is the time to safeguard communities and the climate against the threat of growing LNG exports, which the administration can do by putting a stop any more risky buildouts from Big Oil."
In particular, the letter writers outlined four main actions Biden could take:
- Finalize an ongoing review of the studies that the Department of Energy (DOE) will use to determine whether or not LNG exports are in the public interest, using the latest information on the climate risks of LNG as well as the harms it poses to frontline communities and U.S. consumers;
- Order the DOE to reject all six permits for new LNG facilities awaiting approval, including Venture Global's "carbon bomb" Calcasieu Pass 2, which is vocally opposed by local Louisiana communities;
- Reach an agreement with Organization for Economic Cooperation and Development countries to end export credit agencies' backing of fossil fuels abroad; and
- Cancel all U.S. government funding of foreign LNG infrastructure and revoke the more than $5 billion earmarked by the from the U.S. Export-Import Bank and U.S. International Development Finance Corporation for an LNG project in Mozambique.
"The Biden administration has mere weeks to protect the planet from the threat of more LNG infrastructure, and the growing LNG boom under his watch is something we cannot afford," Raena Garcia, senior energy campaigner at Friends of the Earth U.S., said in a statement. "Now is the time to safeguard communities and the climate against the threat of growing LNG exports, which the administration can do by putting a stop any more risky buildouts from Big Oil."
Under Biden, the U.S. became the world's leading exporter of LNG, even as new research shows that the fuel could be as bad as coal for the climate, or even worse.
"The explosion of LNG exports from the U.S. represents an extreme grab of the limited carbon budget remaining to constrain global temperature rise," the letter writers, who come from more than 37 countries, argued. "This is especially egregious considering that the United States has already consumed far more than its fair share of the remaining carbon budget."
Following Russia's invasion of Ukraine in 2022, the expansion in U.S. LNG exports was partly sold as a way for it to help its allies in Europe gain energy independence from Russia and survive an immediate wartime shortage of Russian gas. However, most of the new projects pushed by the industry in both the U.S. and Europe would not begin operating until 2026 and therefore were more about locking in reliance on gas than meeting an immediate need.
"The energy crisis in Europe is over," said Constantin Zerger, head of energy and climate protection at Deutsche Umwelthilfe. "There is no need for additional gas supplies from the United States for Europe. Instead of expanding already harmful fossil infrastructure, we need to turn the tide and accelerate the buildout of renewable energy. We must prioritize protecting climate targets and human rights over a second lifetime for a dirty industry."
The letter comes as Trump, whom the writers called "an impending nightmare for people and the planet," has promised to expand fossil fuel production and infrastructure and lift environmental regulations. His pick to lead the Environmental Protection Agency, Lee Zeldin, has pledged to work toward "U.S. energy dominance" and his choice to lead the DOE, Chris Wright, is a fracking CEO who claims that "there is no climate crisis."
The environmental groups urged Biden to do "damage control."
"The next four years will test the limits of global resistance against fossil fuels," they concluded. "The next two months should be spent doing all that we can to protect communities in the U.S., the Global South, and throughout the world. We implore you to not act as though your climate presidency ended on November 5."
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'War Criminals Are Not Welcome': Dearborn Mayor Says He Would Arrest Netanyahu
"Our president may not take action, but city leaders can ensure Netanyahu and other war criminals are not welcome to travel freely across these United States," said Major Abdullah Hammoud.
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The Biden administration on Thursday said it "fundamentally" rejected the International Criminal Court's arrest warrant for Israel's prime minister and ex-defense minister—but the Dearborn, Michigan mayor who has been an outspoken critic of U.S. support for Israel in recent months said he would join the majority of countries in recognizing the court's jurisdiction, and would carry out the warrants if given the chance.
"Our president may not take action, but city leaders can ensure [Israeli Prime Minister Benjamin] Netanyahu and other war criminals are not welcome to travel freely across these United States," said Mayor Abdullah Hammoud on the social media platform X.
Hammoud said Dearborn authorities would arrest Netanyahu and former Defense Minister Yoav Gallant if they set foot within city limits, and called on other cities across the United States to do the same.
The ICC said Thursday that it had found "reasonable grounds" to arrest Netanyahu and Gallant for "crimes against humanity and war crimes," more than 13 months after Israel began its bombardment and near-total blockade on Gaza. The court also issued a warrant for Hamas leader Mohammed Deif, who was killed in an airstrike in July. The ICC said it could not confirm Deif's death.
In May, President Joe Biden said ICC chief prosecutor Karim Khan's application for arrest warrants for Netanyahu and Gallant was "outrageous."
On Thursday, a White House National Security Council spokesperson said the Biden administration was "deeply concerned by the prosecutor’s rush to seek arrest warrants."
The U.S. is joined by powerful governments including those of China, Russia, Israel, and India in refusing to recognize the ICC's jurisdiction; 124 countries are parties to the Rome Statute, which established the ICC as a court that prosecutes individuals accused of war crimes.
Gaza officials say the death toll in the enclave has passed 44,000 since Israel began its assault, with Gallant saying he had "released all the restraints" on the military. Nearly 70% of deaths verified by the United Nations in Gaza have been among women and children. Israel also faces a case at the International Court of Justice in which South Africa and several other countries have accused it of genocidal acts.
The Irish Foreign Ministry on Thursday called on all governments to respect the ICC's "independence and impartiality, with no attempts made to undermine the court."
Progressive U.S. advocacy group RootsAction urged "people everywhere to perform a citizen's arrest of Netanyahu wherever he can be found, including in Washington D.C."
Democracy for the Arab World Now (DAWN), a U.S.-based human rights group, noted that "Article 25(3)(c) of the Rome Statute outlines clear criminal liability for aiding and abetting war crimes, which applies to individuals in non-member states like the U.S. when their actions enable violations under ICC jurisdiction."
"By continuing to provide military assistance to Israeli officials," said DAWN advocacy director Raed Jarrar, "despite credible accusations of war crimes by the ICC, U.S. leaders—including President Biden, Secretary [Antony] Blinken, and Secretary [Lloyd] Austin—are exposing themselves to personal liability under international law."
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Trump National Security Advisor Pick Threatens ICC Over Netanyahu Arrest Warrant
Republican Rep. Mike Waltz declared that the International Criminal Court, which is recognized by more than 120 nations including major U.S. allies, "has no credibility."
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U.S. President-elect Donald Trump's pick for national security advisor on Thursday threatened the International Criminal Court with "a strong response" after the body formally issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu, Israel's former defense minister, and Hamas' military chief, accusing the three of grave war crimes.
Rep. Mike Waltz (R-Fla.), a vocal supporter of Israel's assault on Gaza, wrote on social media that the ICC "has no credibility," even though the court is recognized by 124 countries around the world—including Germany, the United Kingdom, and other major U.S. allies.
Waltz added that the ICC's "allegations have been refuted by the U.S. government," alluding to the Biden administration's widely rejected assessment that Israel's conduct in Gaza has been lawful.
"Israel has lawfully defended its people and borders from genocidal terrorists," Waltz wrote, vowing that the Trump administration would take action against supposed "antisemitic bias" at the ICC and United Nations.
Waltz's response to the arrest warrants offered a glimpse of the hostile approach the incoming Trump administration and the Republican Congress intend to take toward international efforts to hold the Israeli government to account for war crimes committed in the Gaza Strip—many of which have been
carried out with U.S. weaponry.
"It is reasonable to expect that once Trump comes in, he will go after the ICC and the [International Court of Justice] in ways that profoundly damage the multilateral system," said Trita Parsi, executive vice president of the Quincy Institute for Responsible Statecraft.
"It is important to remember, however, that so did Biden," Parsi added.
After the ICC's chief prosecutor filed his applications for arrest warrants against Netanyahu, Gallant, and members of Hamas' leadership in May, U.S. Secretary of State Antony Blinken issued a statement questioning the legitimacy of the requests and reiterating the administration's view that the court "has no jurisdiction over this matter."
Blinken earlier this year also
signaled support for potential sanctions against the ICC, a punitive step that Republicans—including the incoming leader of the GOP Senate majority, Sen. John Thune (R-S.D.)—have demanded.
Neither the U.S. nor Israel recognizes the ICC, but the court has said it has jurisdiction over Israeli actions in Gaza given that
Palestine is an ICC member. The Biden administration has been accused of hypocrisy on the issue of ICC jurisdiction given that it welcomed the court's arrest warrant for Russian President Vladimir Putin.
As of this writing, the U.S. State Department has not responded to the ICC warrants for Netanyahu, former Israeli Defense Minister Yoav Gallant, and Hamas leader Mohammed Diab Ibrahim Al-Masri. The department canceled its daily press briefing for Thursday.
"The European Union and other major democratic powers should immediately put in place measures to protect the safety and integrity of the International Criminal Court and its staff."
Sarah Leah Whitson, executive director of Democracy for the Arab World Now (DAWN), said in a statement Thursday that the ICC's arrest warrants "are a milestone for justice and accountability, and just about the only thing that stands a chance of saving international law at a moment of U.S.-backed genocidal Israeli impunity."
"Every member state of the International Criminal Court—and even its erstwhile champions like the U.S.—has a duty to swiftly arrest Prime Minister Netanyahu and former Defense Minister Gallant at the first opportunity they get," said Whitson.
Michael Schaeffer Omer-Man, DAWN's director of research for Israel-Palestine, added that "in light of the threats already made by President-elect Trump and existing U.S. legislation known as the ' Hague Invasion Act,' the European Union and other major democratic powers should immediately put in place measures to protect the safety and integrity of the International Criminal Court and its staff."
The ICC has no police force of its own, making it reliant on member states to execute arrest warrants.
Josep Borrell, the European Union's top diplomat, said Thursday that the ICC's warrants must "be respected and implemented."
"This decision is a binding decision on all state parties of the court, which includes all members of the European Union," Borrell added.
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