On 5 April 2023, professor Andreas Nidecker, MD and director of the KOFF member organization Basel Peace Office and a respected board member of International Physicians for the Prevention of Nuclear War (IPPNW) Switzerland, recently delivered a compelling speech at the UBS (a multinational investment bank based in Switzerland) shareholders’ meeting. His address focused on the pressing need for UBS to reassess its investment practices, particularly in relation to the nuclear arms industry.
Nidecker drew attention to the potentially catastrophic consequences of a nuclear war and emphasized the importance of responsible investment decisions. He reminded attendees that while the world has faced numerous challenges, such as the COVID-19 pandemic, the war in Ukraine, the energy crisis, and the collapse of Credit Suisse, the gravest threat to humanity remains a nuclear conflict, which is in the current war in Europe, unfortunately, a real option.
As representatives of IPPNW, an organization honored with the Nobel Peace Prize in 1985, Nidecker and his colleagues have devoted plenty of time to studying the devastating effects of nuclear warfare. During the event, he expressed deep concerns about UBS’s indirect support of the nuclear arms race through its financial investments. He disclosed that between January 2021 and July 2022, UBS invested approximately $3.30 billion USD in seven companies involved in the production of nuclear weapons or their components. Notable among these companies are Airbus, Boeing, Honeywell, Lockheed Martin, and Raytheon – renowned European and U.S. entities. While Airbus is recognized for its civilian aircraft, few are aware of its involvement in manufacturing nuclear weapons for the French Force de Frappe. Boeing, on the other hand, plays a significant role in producing intercontinental ballistic missiles (ICBMs), B61 hydrogen bombs, and equipping nuclear Trident submarines.
UBS is not alone in this regard. According to the annual “Don’t Bank on the Bomb” report, 306 globally operating banks provided a staggering total of $748 billion in funding to 24 nuclear weapon-producing companies during the same period. These figures underscore the prominent role played by the arms industry and global financial institutions in driving nuclear proliferation.
Given Switzerland’s commitment to the International Treaty on the Non-Proliferation of Nuclear Weapons (NPT), ratified in 1977, Nidecker raised pertinent questions. Shouldn’t Switzerland, as a neutral country, take a more proactive stance in advocating for a world free of nuclear weapons? While Switzerland has not yet signed the Treaty on the Prohibition of Nuclear Weapons (TPNW) proposed by ICAN, the International Campaign to Abolish Nuclear Weapons, both the National Council and the Council of States have expressed support for the TPNW. Thus, shouldn’t UBS align its operations with Switzerland’s security policy goals? The Basel Peace Office firmly believes that a clearly articulated divestment policy and disengagement from the nuclear weapons industry would garner significant support and enhance UBS’s reputation.
As a global financial player, UBS possesses considerable influence and asserts that it adheres to ethical guidelines. Nidecker proposed that UBS utilize it to advocate for financial divestment from the nuclear defense industry to financially support the fight against climate change or peacebuilding activities. Such action would support global efforts toward peaceful coexistence and pave the way for successful financial activities in a more stable global future.