24. Investors and regulators shall compel all businesses to comply with the U.N. Global Compact.

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I. Move the Nuclear Weapons Money

Rapporteur: Alyn Ware

Over the next 10 years, governments plan to spend a staggering $1 trillion on nuclear weapons globally. That’s $100 billion annually. Meanwhile the core budget of the UN is just $5 billion. Peace, health, education, climate protection and sustainable development are all underfunded while nuclear weapons budgets continue to rise.

Move the Nuclear Weapons Money is an international campaign which aims to reverse this. It brings together national and international organisations, that have been working independently for a number of years, to promote cuts to nuclear weapons budgets, divestment from nuclear weapons and reinvestment in socially responsible and ethical investment.

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Adam Wynne

CBC published this interesting article yesterday (15 February 2020) of the Canadian impacts of Russia’s $300 billion investment in the Arctic – specifically within the realm of gas and oil. These investments would encourage development of and increased traffic in Northern sea routes. There is hope that this could assist with economic bolstering and potential development of remote Northern communities along the Northern Sea Route. What impacts these activities will have on locals – including Indigenous (Chukchi, Nenets, etc.) peoples – has yet to be fully determined. However, there is international concern that gas and oil drilling in this ecologically… Read more »

Adam Wynne

Please find attached a recent (January 2020) update from the Move the Nuclear Weapons Money campaign: Link: shorturl.at/uBMUW Text: In January 2018, New York City decided to divest the city’s $189bn pension funds from fossil fuel companies within the next five years. Now the city looks set to also divest from the nuclear weapons industry. Last Tuesday (January 28), the Council held public hearings on draft Resolution 0976 which calls on New York City to support the Treaty on the Prohibition of Nuclear Weapons and divest from the nuclear weapons industry, and on Initiative 1621 to reaffirm New York City… Read more »

Adam Wynne

Please find attached a update (January 2020) from the Basel Peace Office. This update was provided to members of its mailing list. At the request of Project Save the World’s coordinator – Professor Metta Spencer – I have attached a copy here: Link: shorturl.at/cdnTU Text: On Tuesday last week (January 28), New York City Council held public hearings on two measures (draft Resolution 0976 and Initiative 1621) which if adopted would oblige the city to divest its city pension funds from the nuclear weapons industry and establish an advisory committee to develop city action to further implement its status as… Read more »

Adam Wynne

It is quite interesting to hear that New York City (New York, USA) is taking measures to divest their pension funds (totaling $189 billion) from the nuclear weapons industry by 2023. I am reminded of how several cities – including Toronto, Ontario, Canada – have signed initiatives to declare their cities nuclear weapons free zones. How many cities globally have invested funds in the nuclear weapons industry? Is this data available? I think encouraging more cities, regions, companies, and organizations to divest from the nuclear weapons industry is a vital subject to explore in more detail. On this subject, here… Read more »

Robin Collins
John Postman

That’s great news. How do you suppose it came about? Did someone go lobby them or did some of the bank executives see the light themselves?

Robin Collins

“Under pressure from investors, regulators and climate activists, some big banks have acknowledged the role lenders will need to play in a rapid transition to a low-carbon economy.”

Metta Spencer

Corporate Social Responsibility Society (CSRS)
Facebook has lots of interesting groups, and I’ve just discovered one that is apparently based at York University’s Schulich School of Business. Check out their Facebook page if you live in Toronto, especially if you’re a student at York U or any other business faculty. They seem to have lots of activities during the academic year.
Metta

Are Lockheed Martin’s nuclear weapons fueling your retirement?comment image
BY TOBY A.A. HEAPS . July 25, 2019 in Corporate Knights
Think you’re not invested in this weapons maker? Canada Pension Plan, Ontario teachers among those banking on nukes.
https://www.corporateknights.com/channels/responsible-investing/sustainable-stock-showdown-lockheed-martin-15640380/?fbclid=IwAR0lsMPxw2NNLc0hUFyGY8pi20lmPWseGxjIEBZEpqXze0kSe7vwwr5Twzk

Karen Savage

New Bill Aims to Compel Companies to Disclose Climate Risks to SEC July 17, 2019 By Karen Savage A bill that would require public companies to disclose the risks posed to their business by climate change passed a crucial committee vote in the House on Wednesday. The House Financial Services Committee passed the Climate Risk Disclosure Act of 2019, which was introduced by Illinois Rep. Sean Casten in 2018. The bill would require the Securities and Exchange Commission (SEC) to develop and implement guidelines for companies on disclosing climate risks. The SEC would be required to make the information available… Read more »

David Langille

These Major Banks are the Biggest Investors in Fossil Fuel Projects (From Sum of Us) A major report released today has found that three of Canada’s largest banks, Scotiabank, TD, and RBC, are amongst the top ten banks in the world funding climate change. The effects of climate chaos will be far worse than previously predicted. To keep global warming to a maximum of 1.5 degrees, by the year 2030, just over a decade away, governments and corporations will need to make drastic changes to reduce carbon emissions to 45% of 2010 levels. Despite the immense scope and magnitude of… Read more »

David Langille

It’s Time for TD, RBC, and Scotiabank Stop Funding Chaos A major report released today has found that three of Canada’s largest banks, Scotiabank, TD, and RBC, are amongst the top ten banks in the world funding climate change. The effects of climate chaos will be far worse than previously predicted. To keep global warming to a maximum of 1.5 degrees, by the year 2030, just over a decade away, governments and corporations will need to make drastic changes to reduce carbon emissions to 45% of 2010 levels. Despite the immense scope and magnitude of the climate crisis, these three… Read more »

David Langille

IT’S TIME FOR TD, RBC, AND SCOTIABANK TOP FUNDING CLIATE CHAOS . (From Sum of Us) A major report released today has found that three of Canada’s largest banks, Scotiabank, TD, and RBC, are amongst the top ten banks in the world funding climate change. The effects of climate chaos will be far worse than previously predicted. To keep global warming to a maximum of 1.5 degrees, by the year 2030, just over a decade away, governments and corporations will need to make drastic changes to reduce carbon emissions to 45% of 2010 levels. Despite the immense scope and magnitude… Read more »

Metta Spencer

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Now here’s a proposal that should be considered as part of this plank: Create public banks. These would be stronger than credit unions, but accountable in a democratic way, and oriented toward the public good. https://truthout.org/articles/wall-street-beware-the-public-banking-movement-is-coming-for-you/

Metta Spencer

Secretary General Kofi Annan had his own way of dealing with corporate giants. He allocated a portion of his office to setting up a Global Compact, which would supposedly tame the bad actors. He never said whether he felt he had achieved his goal.