Germany: bank withdraws financing from arms trade

A German bank has announced a decision to end investments in arms exports. Bayerische Landesbank will end financing for companies listed on the SIPRI list of world's biggest arms companies, if they make more than 20% of their turnover from weapons. They will continue to finance supplies to the German military, however.

The decision comes as the EU commission decides which industries should be included in an environmental framework, the Taxonomy for Sustainable Activities. Amidst speculation that the arms industry will be listed as "socially harmful" - a decision described as "incredible" by the general manager of the Federal Association of the German Security and Defense Industry, Hans Christoph Atzpodien - banks such as Bayerische Landesbank are making the decision to end financing for companies that profit from arms manufacture.