Written by: Jordan Edward-Wright, Research and Outreach Assistant with Mines Action Canada

In the past couple of years, news headlines have been riddled with reports of new and worsening conflicts around the world. These conflicts have included countries like Russia, the United States of America, Israel, Pakistan, and India among others, but all of the mentioned states have one definite thing in common: their status as nuclear armed states. 

As nuclear armed states engage in conflict, the uncertainty regarding the use of nuclear weapons has grown. As the nuclear threat grows, the willingness to sign the Treaty for the Prohibition of Nuclear Weapons (TPNW) becomes ambiguous and the desire to renew and create new arms control agreements seems to be left to the wind. Even though these weapons of mass destruction have only ever been used twice in conflict, the nuclear weapons industry has continued to grow. In this industry and most others, money is power. Therefore, to seriously progress towards a world free of nuclear weapons, the 25 nuclear weapons producing companies need to be cut off financially.   

Don’t Bank on the Bomb’s annual report has identified the top financiers of the nuclear weapons industry, revealing how nuclear weapons producing companies have been funded. In the 2025 report Investing in the Arms Race, the 25 nuclear weapons producing companies were found to have collectively received just over one trillion USD in investments, a significant increase from 2024. The total number of investors has also increased significantly from 260 in 2024 to 301 in 2025. The financial growth in this industry of mass destruction seen in 2025 is its first significant increase in support since the drop in financiers when the TPNW entered into force in 2021. 

Taking a closer look at Canadian investors we also see an increase in overall financial support:

This chart shows the total amount (USD) of investments made by these companies in shareholding, bondholding, loans, and underwriting. Here we see a $6.809 billion USD ($9.668 billion CAD) overall increase in investments by Canadian institutions between 2024 and 2025. Investments by Canadian institutions into the nuclear weapons industry increased from $35.38 billion USD ($49.18 billion CAD) in 2024 to $42.19 billion USD ($59.9 billion CAD) in 2025.  

The 2025 report Investing in the Arms Race names twelve Canadian financial institutions investing in companies producing and maintaining nuclear weapons, down one from last year. However, while the total number of institutions is similar, the actual institutions themselves have changed. The Ontario Teacher Pension Plan, the Canada Pension Plan Investment Board, and Manulife Financial have pulled their investments. Two companies who withdrew financing after the TPNW entered into force, Fiera Capital and AGF Management, have unfortunately reinvested in the industry.    

The complete list of Canadian institutions that finance companies producing and maintaining nuclear weapons are as follows: 

In CAD 

1. AGF Management: Total invested $520 million in L3 Harris. 

2. BMO Financial: Total invested $2,970 million in Amentum, Boeing, Fluor, L3 Harris, Leidos, Peraton, Lockheed Martin and RTX. 

3. Brookfield Corporation: Total invested $622 million in Babcock International and Flour.

4. CI Financial: Total invested $13 million in BWXT.

5. CIBC: Total invested $474 million in Honeywell International.

6. Fiera Capital: Total invested $160 million in BWXT

7. Mawer Investment Management: Total invested $1908 million in Bae systems, BWXT, and Northrop Grumman.

8. Power Corporation Canada: Total invested $1,268 million in Babcock, Leonardo and Thales. 

9. Royal Bank of Canada: Total invested $12,644 million in Airbus, Amentum, Bae Systems, Boeing, Fluor, General Dynamics, Honeywell International, Leidos, Lockheed Martin, Peraton Inc., Rolls-Royce, and RTX Corp.

10. Scotiabank: Total invested $5,829 million in BWXT, General Dynamics, Honeywell International, HII, Leidos, L3 Harris Technologies, Northrop Grumman, and RTX.

11. Sun Life Financial: Total invested $23,841 million in Babcock Corporation, Boeing, BWXT, General Dynamics, HII, L3 Harris, Lockheed Martin, Peraton Rolls-Royce, and RTX.

12. Toronto-Dominion Bank: Total invested $9,658 million in Airbus, Amentum, BWTX, Bae Systems, General Dynamics, Honeywell International, HII, L3 Harris Technologies, Leidos, Lockheed Martin, Northrop Grumman, Rolls-Royce, RTX, and Textron. 

Canada may not possess its own nuclear weapons and the investments by Canadian institutions may seem small when compared to other financiers, but in 2024 for the first time Sun Life Financial ranked ninth in the top ten financiers in share and bondholdings. In 2025, Sun Life has climbed to number eight, continuing to be the only Canadian and non-American share and bondholding financier in the top ten. Sun Life’s rank has increased just as its total investments have. In the 2024 report, Sun Life had invested $12.1 billion USD ($16.8 billion CAD)  in shares and bonds and in the 2025 report that number grew to $16.3 billion USD ($23.1 billion CAD) which constitutes an over $4 billion USD increase. 

Where are these investments going and how exactly is Sun Life contributing to the nuclear weapons industry? Sun Life has invested in 7 nuclear weapons producing companies through shares and bonds, making them active contributors to this industry of mass destruction. The largest investment is in Rolls-Royce in which Sun Life invested $7.217 billion USD ($10.247 billion CAD). For many, Rolls-Royce is synonymous with luxury cars but it also creates vital nuclear propulsion systems for the United Kingdom's nuclear submarines. Sun Life’s second largest investment, $2.229 billion USD ($3.165 billion CAD), goes to RTX formerly Raytheon, a company heavily involved in the U.S. nuclear arsenal. RTX aids the production of the U.S. Sentinel Intercontinental Ballistic Missiles (ICBM)  and the Long Range Standoff weapons systems, while also supporting the Minuteman programme. 

While increasing global conflicts put strain on the mission of the TPNW and the non-renewal of important bilateral arms control agreements like the New Start Treaty between the U.S. and Russia, standing up against nuclear weapons is more important than ever. It is in times of uncertainty that our determination to support non-proliferation matters most. 

For Canada to seriously consider the case for nuclear disarmament, we need to be a part of the conversation and better understand the reality of these weapons. As a first step towards showing that Canada is serious about nuclear disarmament, they should attend the TPNW Review Conference this year as an observer in order to facilitate international discussion on disarmament and open the conversation here in Canada. 

The consistent presence of Canadian financial institutions in the Don’t Bank on the Bomb reports presents a unique avenue of pressure to achieve disarmament. With enough pressure from Canadians these institutions could divest from the nuclear weapons industry, limiting the production of these weapons of mass destruction. There is power in numbers and together we can make a difference.

Wondering where to start? Look to your financial institutions and raise your concerns and questions regarding their investments in an industry capable of killing thousands of people in the blink of an eye. If your financial institution is in this report make your voice heard and don’t let your money fund weapons of mass destruction. For more tips on how to express your concerns to your bank visit this page on the Don’t Bank on the Bomb website. Let us know how your concerns are answered by emailing us at [email protected]. 

Full chart detailing Canadian institutions investments in nuclear weapons producing companies: