The 2012 “Worldwide Investments in Cluster Munitions, a shared responsibility” report by CMC members IKV Pax Christi and FairFin, launched today in Berlin, shows that since 2009 banks and other financial institutions from 16 countries have invested more than $43billion (USD) in companies making cluster bombs.
The bulk of these investments come from states that have not yet joined the Convention on Cluster Munitions (CCM), the global ban that prohibits the use, production, transfer and stockpiling of cluster bombs, as well as assistance in any of these acts.
Although the report contains this concerning news, it also shows that progress is being made – both by states and financial institutions – to work towards a world where no more cluster bombs are produced.
Most recently Italy has joined Belgium, Ireland, Luxemburg and New Zealand as countries that have national legislation into place making it illegal to invest in companies that make cluster bombs. The Netherlands and global banking capital Switzerland have also begun the process to enact similar legislation, showing that with political will these investments can be banned.
“There is still far too much money being invested in companies that make cluster bombs, but we are also pleased to see the positive steps being made. We congratulate both the states and the financial institutions that have cleaned up their act to make the world a safer place for innocent civilians this year and are hopeful that this trend continues,” said Cheeseman.