In 2008 governments negotiated an international treaty, formally known as the Convention on Cluster Munitions that bans the use, production, stockpiling and transfer of cluster bombs. It also prohibits all countries that have joined the Convention to assist anyone in any activity banned under the Convention, such as the production of cluster bombs. To date, over 100 countries have joined the Convention.
Although 98% of cluster bomb victims are civilians, cluster bomb producers do not have any problems attracting capital from financial markets. Some Canadian financial institutions have been implicated in providing funds to companies that produce cluster bombs.
The Ottawa Treaty banning landmines and the Convention on Cluster Munitions both state that “each State Party undertakes never under any circumstance to assist, encourage or induce, in any way anyone to engage in any activity prohibited to a State Party under this Convention.” We believe that financing the production of antipersonnel mines or cluster bombs or their components should clearly constitute “assistance” or encouragement, but in reality the implementation of these treaties does not automatically lead to banning these types of investments.
Positively, financial institutions and investors have taken action to stop investment in cluster munition production in Argentina, Belgium, Canada, Denmark, France, Germany, Japan, Netherlands, New Zealand, Norway, Sweden, Switzerland, the UK, and elsewhere. More countries need to join this list.
WE NEED YOUR HELP TO MAKE THIS HAPPEN!
The goals of our campaign are:
How you can ensure your investment doesn't bomb...