Dire, fare, DISARMARE[1]. Ethical finance puts humans and the planet in which we live at the centre of economics, finance and business. Moreover, it means reformulating financial ends and means to create economic value to grow the common good.
Etica Funds says no to all weapons
“In light of the recent conflicts that are affecting more and more countries around the world, is important that investors say NO to nuclear weapons and NO to the production, distribution, possession and use of nuclear weapons, promoting the commitment to victim support and environmental remediation. In choosing where to make their investments and place their savings, investors and savers alike can guide and push governments towards more meaningful decisions on nuclear weapons”.
Marco Carlizzi, Chairman of Etica Funds
“Disarmament is a very important topic for Etica Funds – defining, even. Our mutual funds have refused to deal with weapons manufacturers since they were established in 2003. Thanks to our ethical approach to finance, we are actively contributing to one of the founding principles of the Italian Constitution: “Italy rejects war as an instrument of aggression against the freedom of other peoples and as a means for the settlement of international disputes” (Art. 11).
Luca Mattiazzi, General Manager of Etica Funds
Ethical finance has always stood against the proliferation of weapons. Etica Funds excludes nuclear, controversial and conventional weapons from the funds in which it invests. Specifically, the following categories are excluded from Etica Funds’ investment funds:
- companies whose turnover derives from the manufacture of conventional weapons, their specific or generic components, or other products or services intended for military use;
- companies involved in the development, production, use, maintenance, distribution, storage, transport or sale of controversial weapons or key parts of controversial weapons (anti-personnel mines, cluster munitions, chemical weapons, biological weapons, nuclear weapons, non-detectable fragments, incendiary devices, blinding laser weapons, white phosphorus munitions, depleted uranium).
The “Don’t bank on the bomb” report launched by ICAN and the Dutch NGO Pax places Etica Funds in the “Hall of Fame”, the list of businesses that do not invest in nuclear weapons producers.
ICAN – Nobel Peace Prize winner and commitment to nuclear disarmament
Etica Funds collaborates with ICAN (International Campaign to Abolish Nuclear Weapons), a Swiss organisation that in 2017 was awarded the Nobel Peace Prize for its “work to draw attention to the catastrophic humanitarian consequences of any use of nuclear weapons.”
ICAN is a non-governmental organisation founded in 2007, registered in Geneva. Its Italian partners are Senzatomica and Rete Disarmo. The mission of ICAN is to mobilise civil society across the world to support the specific objective of negotiating a global nuclear weapon ban treaty.
Dire, fare, DISARMARE
Activities and companies associated with armaments and businesses with links to the production and trade of weapons have always been excluded from the investment funds of Etica Funds. We firmly believe that disarmament and the promotion of a culture of dialogue can help to find new ways to resolve international disputes at risk of becoming a pretext for war.
Moreover, for many years we have directed our dialogue with our partner companies with a view to incorporating our focus on arms – and in particular on weapons of mass destruction such as nuclear weapons – into the policies adopted by other financial operators.
Why are nuclear weapons an important topic?
Susi Snyder, Financial Sector Coordinator of ICAN, responds. “Nuclear weapons have unacceptable humanitarian consequences and the risk of their use is growing. Moreover, they are the most destructive, inhumane and indiscriminate weapons ever created. The risk of nuclear weapons being deployed continues to grow and can be eliminated only by an outright ban.
In 2020, nuclear-armed states spent $72.6 billion on their nuclear arsenals. All nuclear-armed states are developing the quality and technology of their arsenals. Of these, six – China, India, North Korea, Pakistan, Russia and the United Kingdom – are also increasing their stockpiles.”
What is the goal of the initiative?
“We want countries to eliminate and ban nuclear weapons through the only international treaty designed to do so,” Susi Snyder declares. The Treaty on the prohibition of nuclear weapons (TPNW) was adopted by the United Nations in 2017 and entered into force on 22 January 2021.
It is the only international agreement that aims to ban a broad range of activities associated with nuclear weapons, including their use, threatened use, development, possession and storage. The Treaty also promotes support for victims of nuclear weapons and the restoration of radioactively contaminated environments.
There are currently 86 signatory states. The TPNW First Meeting of States Parties in Vienna will be an opportunity for all of the signatory countries to meet.”
Etica Sgr and ICAN at the United Nations in New York to reaffirm no to nuclear weapons
Etica Sgr and ICAN presented a new Declaration to Stop Funding Nuclear Weapons at the United Nations Headquarters in New York. During the meeting, Etica Sgr renewed its commitment to nuclear disarmament. At the conference in Vienna in June 2022, Etica Sgr, together with ICAN – the International Campaign to Abolish Nuclear Weapons, winner of the 2017 Nobel Peace Prize, had presented an Investors’ Declaration that provided detailed guidance to States Parties on how to stop funding the production and maintenance of nuclear arsenals. In New York, Etica Sgr and ICAN updated the Declaration, expanding the recommendations for states and including a specific commitment for financial institutions that will sign it.
These are the New York events in which Etica participated:
Etica Funds and ICAN’s Commitment
Starting in the last months of 2021, Etica Sgr has supported the “Italia, ripensaci”, mobilization, promoted by Senzatomica and the Italian Network for Peace and Disarmament (RIPD), Italian partners of ICAN.
The mobilization began in October 2016, during the vote in the First Committee of the UN General Assembly on the resolution calling for a legally binding instrument for the prohibition and dismantlement of nuclear weapons.
Etica has been supporting the campaign through participation in and sponsorship of various events.
- November 2021
- January 2022
- February 2022
- June 2022
- July 2023
- October 2023
- November 2023
- February 2024
- June 2024
November 2021
Etica Funds, together with Senzatomica and RIPD, participated in a meeting with the Welfare and Health Commissioner of the Municipality of Milan. On that occasion, an ICAN representative met with the General Director of Etica at Etica Funds’s offices.
January 2022
On the occasion of the first anniversary of the entry into force of the Treaty on the Prohibition of Nuclear Weapons (TPNW), Etica Funds participated in the online event “The Strength of the TPNW: Billions of Dollars Already Diverted from the Nuclear Weapons Business” organized by Senzatomica and RIPD.
February 2022
Etica Funds participated in Milan at the event “The TPNW Against Nuclear Weapons: Achievements and Next Steps” as part of the “Italia, ripensaci” mobilization, promoted by Senzatomica and the Italian Network for Peace and Disarmament, with the collaboration of Aldo Bonati, Stewardship and ESG Networks Manager at Etica Sgr. The event focused particularly on financial disinvestment from nuclear weapons production and maintenance, the ongoing political dialogue to ensure Italy’s participation in the First Conference of the States Parties to the TPNW in Vienna, and the positive role of local authorities in disarmament. The event also featured Laura Boldrini, the primary signatory of the resolution recently approved by the Foreign Affairs Committees in the Chamber of Deputies.
June 2022
First Conference of the Parties to the Treaty on the Prohibition of Nuclear Weapons
Etica Sgr is in Vienna for the First Conference of the Parties to the Treaty on the Prohibition of Nuclear Weapons, taking place from June 19 to 23, 2022.
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Sunday, June 19 – ICAN Nuclear Ban Forum
The ICAN Forum lasts for two days and brings together experts in social change and innovation, scholars, and scientists from around the world. Etica Sgr participated in a panel discussion focused on the power of asset management firms to drive disarmament and guide investments towards sustainable activities and positive social impact.
![Aldo Bonati - TPNW no ad armi nucleari]()
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Tuesday, June 21 – First Conference of the Parties to the Treaty on the Prohibition of Nuclear Weapons
Etica Funds participated in the event as part of the ICAN delegation. On this occasion, Etica addressed the meeting by reading an investor statement, prepared in collaboration with ICAN, which was then presented for signature by international investors in the weeks that followed.
![Ugo Biggeri - TPNW no ad armi nucleari]()
July 2023
The 2023 report from Don’t Bank on the Bomb is titled “Moving Away from Mass Destruction: 109 Exclusions of Nuclear Weapon Producers” and highlights the 109 financial institutions that have adopted policies to exclude investments in companies involved in the development, production, testing, maintenance, and storage of nuclear weapons. These include banks, pension funds, asset managers, and other financial sector actors who are actively demonstrating their commitment to nuclear disarmament. Compared to the 2022 report, 11 new institutions have been added.
October 2023
As part of its advocacy efforts with governments, regulators, and standard setters, Etica Sgr has recently engaged in dialogue with the Italian government, as an investor in Italian government bonds and in the interest of its fund clients, to promote divestment from nuclear weapons producers.
The primary objective is to urge the government to participate in the Second Meeting of the States Parties to the Treaty on the Prohibition of Nuclear Weapons, which will be held at the United Nations from November 27 to December 1, 2023, as an “Observer State.” Although Italy has not yet signed the Treaty, its presence at this meeting, even in an observer capacity, would be highly significant for the disarmament process, which Italy has long identified as a fundamental goal.
Following the letter sent in September 2023, Etica Sgr has opened a channel for listening and dialogue with Italian institutions, which we hope will encourage movement in the desired direction.
November 2023
Etica Funds and ICAN presented a new Declaration to halt funding for nuclear weapons at the United Nations Headquarters in New York.
February 2024
Padua and Milan hosted the Annual Meeting of the Global Alliance for Banking on Values, a gathering of the international network that includes over 70 banks and financial institutions from 45 countries across Asia, Africa, Latin America, North America, and the EU.
On Wednesday, February 28, at the Feltrinelli Foundation in Milan, a keynote lecture was given by Susi Snyder, Coordinator of ICAN – International Campaign to Abolish Nuclear Weapons, which won the Nobel Peace Prize in 2017 (the recording is available here).
During the meeting, the “Manifesto for Peace Finance” was launched, shared by all the members of the GABV to “articulate the Alliance’s vision, condemn all forms of conflict, and urge all mainstream financial institutions to cease funding the production and trade of weapons.”
The GABV calls on the financial industry to stop financing the production and trade of weapons; it encourages financial institutions to introduce or strengthen existing policies that limit financing to the weapons industry and to disclose these policies transparently.
A study commissioned by GABV and the Fondazione Finanza Etica highlighted the key role of the global financial industry in the arms trade, thereby facilitating the proliferation of armed conflicts. Last year, financial institutions worldwide directed over $959 billion in support of the production and trade of weapons.
Download the Manifesto for Peace Finance here.
June 2024
Fondazione Finanza Etica, with the contribution of Etica Sgr and in collaboration with Rete Italiana Pace e Disarmo and Atlante delle Guerre, has presented Dividendi di Pace, a training program to recognize investments in the Military Industry.
The course aims to teach fund managers how to avoid financing the military sector and invest in a way that aligns with the values of disarmament finance. The training initiative is directed at financial managers from trade unions, third-sector organizations, parishes, and religious organizations to help them make informed choices about divesting from the arms industry.
The program is structured into three training modules:
- Financial Interconnections
- Portfolio Composition: Assessment and Divestment from Weapons
- How the Media Reports the Connection Between Weapons and Finance
Dividendi di Pace is available for free on demand; to participate, simply register on the ValoriLab platform.
“By supporting the Dividendi di Pace project, Etica Sgr reaffirms its constant commitment to promoting peace and disarmament,” says Marco Carlizzi, President of Etica Sgr. “Our participation in the Second Meeting of the States Parties to the Treaty on the Prohibition of Nuclear Weapons (TPNW) at the United Nations headquarters in New York demonstrates and reinforces our active involvement in global initiatives aimed at fostering a culture of peace and abolishing nuclear weapons. The work done through the Dividendi di Pace project aligns perfectly with our ongoing pursuit of concrete solutions for a safer and more peaceful world. Investing in this training and information campaign represents another step forward for us in support of global peace and nuclear disarmament.”
Please read the Legal Notes.
[1] One of the strengths of the campaign is that the Italian word for “disarm” (disarmare) contains the word “love” (amare). So, obscuring some characters (D, I, S and R) we bring out “love” (amare).
