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Sustainable investment: the problem of the arms industry

After the EU Commission classified gas and nuclear as “green” investments in its climate taxonomy despite strong opposition, the next dispute is looming. This is about the “social” taxonomy. It is supposed to define minimum social standards of the financial classification system, such as ethical supply chains and decent working conditions. With the start of the war in Ukraine, one sector of the economy is now particularly explosive: the arms industry.

Could the Commission possibly classify arms manufacturing as a socially sustainable investment? The political debate and the process around the social taxonomy are moving forward, even if the time for decisions is still some way off.

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