Finance

ESG Funds Scolded for Investing in Myanmar Arms Suppliers

Investments include Bharat Electronics, Elbit and Cloudflare
Report focuses on weapons, technologies delivered to Myanmar

Demonstrators lay flags and flowers during a protest outside the United Nations Building in Bangkok, Thailand, in March 2021. The UN says more than 1,500 civilians including young children have been killed by the military junta that seized power last year. — Demonstrators lay flags and flowers during a protest outside the United Nations Building in Bangkok, Thailand, in March 2021. The UN says more than 1,500 civilians including young children have been killed by the military junta that seized power last year.
Photographer: Andre Malerba/Bloomberg

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By Saijel Kishan and Khine Lin Kyaw

March 9, 2022 at 2:00 PM UTC

Updated on

March 9, 2022 at 3:45 PM UTC

This article is for subscribers only.

Hundreds of ESG funds run by some of the world’s biggest money managers have a combined $13.4 billion stake in companies that supply weapons and technology to the Myanmar military, according to a report.

The funds, which say they take into account environmental, social and governance risks, have investments across 33 companies that the United Nations and two advocacy groups say provided weapons, communications and technologies to the military, Inclusive Development International and ALTSEAN-Burma said in a report released Wednesday.