More than 100 Labor MPs and peers urge British banks and fund managers to be ethical in the class defense investments in an attempt to increase support for Ukraine.
In an open letter, the group of parliamentarians demanded a 'reconsideration' of environmental, social and governance (ESG) frameworks to invest.
They warned that they 'often wrongly exclude all defense investments such as unethical' and said that there can be 'no ethical investment' than supporting Ukraine.
In addition to increasing the range of 'vital' military kit to Kiev, reconsidering ESG principles will also accelerate the development of the own defense of Great Britain, the MEPs added.
Labor MP Alex Baker coordinated the letter addressed to the British banks and fund managers.
Signatories were former Royal Navy Chief Admiral Lord Alan West and former NATO -Secretary General Lord George Robertson.
Prime Minister Sir Keir Starmer recently announced that by 2027, the defense expenditure of Great -Britain will rise to 2.5 percent of GDP, in the midst of the fear of continuous American support for European security.
In the meantime, Chancellor Rachel Reeves has changed the assignment of the £ 27.8 billion National Wealth Fund, so that it can be spent on Defense.
More than 100 Labor MPs and peers urge British banks and fund managers to be ethical in class defense investments in the class defense investment in an attempt to increase support for Ukraine
Prime Minister Sir Keir Starmer welcomed Ukrainian President Volodomyr Zensky at the weekend in London in London
In an open letter, the group of parliamentarians demanded a 'reconsideration' of environmental, social and governance (ESG) frameworks to invest
The decision of US President Donald Trump to abandon Ukraine and to suspend help to Kiev – in the midst of his spit with President Volodymyr Zensky – has fueled panic throughout Europe.
The leaders of the continent hold crisis interviews while they are scrambling to strengthen their safety towards the threat from Russia.
In the letter, the Labor MPs and colleagues wrote: “Ukraine must be in the strongest possible position to defend itself against an aggressive military super power.”
They added: 'Our financial institutions can do more to enable our British defense sector to offer the essential Siltiary Supplies President Zensky needs.
'You can also help Groot -Britain to quickly generate the possibilities needed to defend yourself.
'For too long companies with the possibility of developing military technology at speed, have had to deal with unnecessary barriers to doing business in the UK.
'With defense manufacturers in constituencies nationwide, there is a clear potential to stimulate economic growth.
'For the UK to support Ukraine in its hour of need and to make the defense of our own nation, we must reconsider ESG mechanisms that often wrongly exclude all defense investments such as' unethical'.
“There can be no more ethical investment than the Ukrainian people to give any ounce of support that can be collected by their allies.”
The letter, which is supported by the Labor Growth Group, made it clear that the MPs and colleagues support the ESG model and say that it is 'right to stay here'.
But they added that they believe that ESG is 'synonymous' with the Ukrainian case.
“At financial institutions we urge to immediately wipe away a poorly thought out antid defense rules that act as a barrier to do what is good,” the letter said.
Mrs. Reeves recently promises to cut bureaucracy to make it easier for the government to buy military equipment earlier.
She also broadened the parameters of the National Wealth Fund to stimulate investments in the defense sector.
The previous conservative government also called for defense investments to be classified as ESG.
Last April, the then PM Rishi Sunak said that the government wanted to encourage investments in the private sector in the sector and stated that it counts 'without a doubt' to ESG assessments.
David Raw, director of Commercial Finance at UK Finance, the banking organization, said that the sector is 'fully dedicated' to supporting defense companies.
“Providing finance in this area is complex and banks can be confronted with the threat of violent protest,” he said.
'They must also ensure that they meet a series of domestic and international laws and regulations.
'After we have been expanded with our members, as well as at defense companies, we see no tension between supporting ESG goals and supporting the defense sector.
“We keep coming into contact with the government and the defense sector to tackle any barriers that arise and to continue our support for defense companies.”
