Danish bank allows investments in nuclear weapons, citing geopolitical factors

By Ebad Ahmed

COPENHAGEN, Denmark (AA) – In a notable policy shift, Denmark's Danske Bank announced on Monday that it will now allow investments in nuclear weapons production, citing "geopolitical developments" as the primary reason, according to local media outlet Borsen.

This decision marks a reversal of Danske Bank's longstanding opposition to such investments, permitting funding for companies involved in nuclear weapons production and lifting nearly 11 years of prohibition.

The bank’s revised exclusion list indicates that companies associated with nuclear arms production are no longer on its investment blacklist.

Erik Eliasson, head of Responsible Investments at Danske Bank Asset Management, stated that this decision stems from recent geopolitical changes.

"The geopolitical changes of recent years, including the increased threat from Russia, mean we have adjusted our approach to the defense industry in relation to the society we are part of," Eliasson explained.

This policy change signifies that the Danish bank can now invest in companies producing components for nuclear weapons for nations under the Nuclear Non-Proliferation Treaty (NPT). Notably, Israel, India, and Pakistan have not joined the treaty, while North Korea withdrew in 2003.

In contrast, Denmark's climate minister categorically rejected the idea of building nuclear power plants in the country in February 2023, labeling it "simply a no-go."

"Traditional nuclear power in Denmark is simply a no-go," Lars Aagaard said, responding to demands from the right-wing opposition to explore nuclear energy.