Library | ESG issues
Weapons & Armaments
Weapons are objects designed to injure, kill, or defeat, while armaments refer to military weapons and equipment. They are controversial due to their potential to harm civilians, fuel armed conflicts, and contribute to global instability. Certain weapons, such as cluster munitions and nuclear arms, face international divestment efforts due to long-term humanitarian and environmental consequences. Many investors exclude companies involved in weapons production, arms exports, or dealings with oppressive regimes due to ethical, legal, and reputational concerns.
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Nuclear weapons no thanks - Except in portfolios: Do asset managers break their own rules on investing in nuclear weapons producers?
This report examines the nuclear weapons policies of 15 major asset managers against their actual investments. It finds that while many institutions claim adherence to international treaties, narrow definitions allow for continued financing of nuclear producers. The study highlights significant inconsistencies, particularly in sustainable funds, regarding companies in India and Israel.
Water Under Fire: An urgent call to protect water, sanitation and hygiene in conflict
This report is part of a series examining the impact of armed conflict on water, sanitation and hygiene systems globally. It identifies patterns of harm to infrastructure, personnel and users, while detailing adaptive approaches and conflict-resilient strategies to maintain essential services in fragile environments to protect children.
SIPRI Arms Transfers Database
The SIPRI Arms Transfers Database tracks international transfers of major conventional weapons from 1950 to the present. It helps finance professionals assess geopolitical risk and monitor the global defence market through consistent data on arms flows and procurement.
Soldiers of misfortune: Mercenaries and digital propaganda in Africa
This report investigates the intersection of mercenary groups and digital propaganda in Africa. It details how organisations like the Wagner Group utilise AI-driven disinformation and "regime survival packages" to sustain authoritarian rule. The paper recommends stricter platform accountability and enhanced digital literacy to protect democratic institutions across the continent.
Who Controls the Defence Industry?
A leximetric dataset and index assessing state control versus ownership in 107 global defence firms, featuring the novel State Influence Index.
War and corruption: Corruption’s role in Russia’s full-scale invasion of Ukraine
This report examines how corruption enabled Russia’s invasion of Ukraine and explores its escalation during the conflict. It details growth in criminal convictions, systemic theft within the military, and the erosion of procurement transparency. It further analyses the impact of sanctions on Russian oligarchs and the emergence of war beneficiaries.
Faire Fonds Database
The Faire Fonds Database is a screening tool from Facing Finance and urgewald that analyses thousands of retail funds for controversial holdings. It identifies exposure to sectors like fossil fuels and weapons while highlighting potential greenwashing in ESG-labelled products.
Trends in world military expenditure series
A benchmark series by SIPRI tracking annual global military expenditure across countries and regions. Published as an annual fact sheet, it provides data on spending levels, military burdens as a share of GDP, and decade-long trends to support evidence-based analysis of defence economics worldwide.
Weapons, dual use tech and financial institutions
This Shift briefing examines how financial institutions should approach human rights due diligence in relation to weapons and dual-use technologies. It identifies four key challenges, six anchors grounded in international humanitarian law, and six practical approaches to support responsible defence-related lending and investment decisions.
SIPRI Military Expenditure Database
SIPRI's open-access database providing annual military expenditure data for countries worldwide from 1949 to 2025, across multiple metrics.
Investing in the arms race: The companies building nuclear weapons and their financiers
This report analyses 25 companies producing nuclear weapons and their financial backers. Highlighting over $1 trillion in total investments and financing from 301 institutions, it urges the financial sector to use its leverage to reject nuclear armament and make choices that benefit global security and humanity.
The growth of dual-use by design research in Europe: Export control risks and challenges
This report explores how increased funding for 'dual-use by design' research in Europe blurs the line between civilian and military ecosystems. It highlights proliferation risks and identifies challenges for export controls, arguing for a broader, integrated governance framework to safeguard international research collaboration and security.
International Campaign to Abolish Nuclear Weapons (ICANW)
International Campaign to Abolish Nuclear Weapons (ICAN) is a global civil society coalition working to eliminate nuclear weapons. ICAN leads advocacy for the Treaty on the Prohibition of Nuclear Weapons, produces policy research, and supports disarmament campaigns worldwide, engaging governments, UN institutions, partners across regions, and multilateral policy forums.
Notice on the application of the sustainable finance framework and the Corporate Sustainability Due Diligence Directive to the defence sector
The European Commission clarifies that the EU sustainable finance framework and Corporate Sustainability Due Diligence Directive apply neutrally to the defence sector. Defence investments are permitted, assessed case by case, with disclosure and due diligence obligations focused on risk mitigation and exclusion limited to internationally prohibited weapons.
Arms availability and the situation of civilians in armed conflict: A study presented by the ICRC
The ICRC study finds that widespread availability of small arms intensifies civilian harm in armed conflict. Drawing on field data, case studies and staff surveys, it links unregulated arms flows to higher civilian casualties, humanitarian access constraints and weakened compliance with international humanitarian law.
Responsible business conduct in the arms sector: Ensuring business practice in line with the UN guiding principles on business and human rights
The UN Working Group reviews arms sector regulation, finding persistent exports linked to humanitarian and human rights law violations. It identifies weak political will, opaque oversight and limited human rights due diligence, and urges stronger application of the UN Guiding Principles by states and companies.
