Ending investments in nuclear weapons and fossil fuel industries

Over 700 parliamentarians from 140 countries met in Belgrade from October from 13 to 17  for the 141st IPU Assembly. The overarching theme of the assembly was Strengthening international law: Parliamentary roles and mechanisms.

PNND Global Coordinator Alyn Ware chaired the Panel discussion on implementation of the 2014 resolution entitled Towards a nuclear-weapon-free world: The contribution of parliaments. 

In introducing the topic, Mr Ware highlighted the key points of the 2014 resolution, the Parliamentary Action Plan for a Nuclear-Weapon-Free World which provides examples of parliamentary action to implement the resolution, and key developments since 2014 such as the erosion of the INF Treaty, adoption of the Treaty on the Prohibition of Nuclear Weapons, affirmation by the UN Human Rights Committee of that nuclear weapons violate the Right to Life, decision by the UN Global Compact on Investment to exclude nuclear weapons industry from investments, progress on the Korean peace and denuclearisation process and the launch at the 135th IPU Assembly of the Move the Nuclear Weapons Money Campaign.

Click here for the opening presentation by Mr Ware.

Mr Ware also spoke at the Expert hearing: Parliamentary strategies to strengthen peace and security against threats and conflicts resulting from climate-related disasters and their consequences where he encouraged parliaments to adopt policies to divest public funds from the fossil fuel and nuclear weapons industries. Below is a summary of his comments.

Investment to protect the climate and to end the nuclear threat

Comments to the IPU 141st Assembly session on climate, conflicts, peace and security
Alyn Ware, PNND Global Coordinator

Climate change and nuclear weapons create an existential threat to peace, security and the survival of human civilisation. As such, parliaments and governments have an obligation to allocate budgets and support investments in peace, disarmament and the climate, and to phase out budgets and investments in the nuclear weapons and fossil fuel industries.

At the 135^th IPU Assembly in Geneva, we launched the Move the Nuclear Weapons Money campaign, which aims to cut the $100 billion per year global nuclear weapons budget, end investments in the nuclear weapons and fossil fuel industries, and re-allocate these budgets and investments to support peace and sustainability in line with the ESG principles of the UN Global Compact on Investment.

Some banks, pension funds, cities – including New York City - and governments including Ireland have now adopted policies to divest from the fossil fuel industry. There are also a number of banks, pension funds, cities and at least four governments – New Zealand, Switzerland, Norway and Lichtenstein – that have adopted policies of divestment from nuclear weapons.

But this is just a small drop in the huge global investment market. We encourage all delegations here to consider and advance nuclear weapons and fossil fuel divestment policies in your countries.

Next week is UN Disarmament Week, and in New York, we will be highlighting this by physically counting out the global nuclear weapons budget for the next ten years, i.e. $1 trillion, and symbolically re-allocating this to climate protection and sustainable development. We encourage you to follow us on social media and give your support.

Thank you