Introduction

This report assesses the extent to which financial institutions exclude nuclear weapon producers from their investments. It is part of the Don’t Bank on the Bomb series and focuses on policies addressing companies involved in the development, production, testing, maintenance, or stockpiling of nuclear weapons. The analysis situates these policies within the growing international norm established by the UN Treaty on the Prohibition of Nuclear Weapons (TPNW), which entered into force in 2021.

Scope and methodology

The report profiles 109 financial institutions globally, including banks, pension funds, asset managers, and insurers. Only institutions with publicly available, group-level policies were considered. Policies were assessed against three core criteria: whether they exclude all nuclear weapon producers, whether they exclude all nuclear-weapon-related activities, and whether they apply across all financial products and services. An additional implementation check reviewed actual investments to identify any financial links with nuclear weapon producers, using publicly available data and specialist research.

Nuclear weapon producers

For the purposes of the assessment, nuclear weapon producers are defined as companies directly involved in nuclear warheads and their delivery systems, such as missiles. The report identifies a specific list of major producers, including companies based in the United States, Europe, China, and India. Firms involved only in delivery platforms, such as aircraft or submarines, are excluded from the producer list to maintain a narrow and consistent scope.

Hall of fame

Fifty-five of the 109 institutions meet all assessment criteria and are listed in the Hall of Fame. These institutions have comprehensive policies excluding all nuclear weapon producers, covering all relevant activities and applying across all financial products. They are headquartered across Europe, North America, and Australasia, including Australia, New Zealand, the United Kingdom, several EU countries, and the United States. Six institutions are newly added to the Hall of Fame, reflecting a continued increase in policy adoption and strengthening over time. Institutions found to have outstanding investments in nuclear weapon producers are removed from this category, underscoring the importance of effective implementation.

Runners-up

Fifty-four institutions are classified as Runners-Up because their policies do not fully meet one or more of the criteria. Common gaps include exclusions that apply only to certain activities, thresholds based on revenue share, geographic exceptions, or limitations to actively managed funds while excluding passive or third-party products. In many cases, institutions are commended for having a public policy but are encouraged to close loopholes, extend coverage to all financial products, and divest from remaining exposures to qualify for the Hall of Fame in future updates.

Key trends and developments

The number of financial institutions with some form of nuclear weapons exclusion has grown steadily over the past decade, increasing from 35 in 2014 to over 100 following the entry into force of the TPNW. The report highlights a parallel trend towards more comprehensive application of policies, although implementation gaps remain widespread. The findings demonstrate increasing recognition within the financial sector of the material ethical and reputational risks associated with nuclear weapons.

Conclusion

The report concludes that while progress is significant, exclusion of nuclear weapon producers is unevenly applied across the financial sector. Comprehensive, group-wide policies combined with robust implementation are necessary to ensure alignment with international disarmament norms. Continued engagement with financial institutions is expected to further strengthen policies and reduce financial support for nuclear weapon production.