By Susi Snyder for the Don’t Bank on the Bomb Campaign.
On July 10th, Kyushu Financial Group (KFG) released its new corporate policy paper, which includes prohibitions of investment or loans for companies that develop and/or produce inhumane weapons such as cluster bombs. According to additional research by RECNA (Research Center for Nuclear Weapon Abolition, Nagasaki University), they will also avoid investments in nuclear weapons.
First reported in Mainichi Shimbun, the group indicated this decision was made to support the Sustainable Development Goals, and to promote responsible investment and loans that helps to solve environmental and social issues building a more sustainable society.
Kyushu Financial Group Inc. represents ¥36.0 billion (€305 million) in capital, and includes Higo Bank and Kagoshima Bank.
The KFG representative indicated to RECNA that the “inhumane weapons” mentioned in the policy includes nuclear weapons. This person also explained that there was a “current social trend” behind the policy release just as the case of Resona Holdings (which released its new policy on divestment on nuclear weapons producing companies in November 2018). They explained that they have not conducted any investment or loans that fall under this category, but they believe it is meaningful to officially state its policy with regards to such activities.
This is a welcome effort, demonstrating the illegitimacy of investing in inhumane weapons.