- Adopted in 2017, the Treaty on the Prohibition of Nuclear Weapons comes into force in January 2021. Work on the Treaty earned the International Campaign to Abolish Nuclear Weapons the Nobel Peace Prize.
- The treaty goes one step further than the more broadly accepted Treaty on the Non-Proliferation of Nuclear Weapons in that it seeks to ban the weapons altogether, rather than simply halt their spread.
- From an investor perspective, the new treaty does not explicitly ban the financing of nuclear weapons, although it has similar clauses to those that have been interpreted by some states as banning the finance of controversial weapons.
On Saturday, October 24, 2020, the United Nations announced that “the conditions for the entry into force of the Treaty on the Prohibition of Nuclear Weapons were met further to the deposit with the Secretary-General of the 50th instrument of ratification or accession of the Treaty,” adding that “the Treaty shall enter into force on January 22, 2021.”
The Treaty on the Prohibition of Nuclear Weapons (TPNW) prohibits a broad range of nuclear weapon-related activities. According to its provisions, all states party to the treaty commit themselves to never “Develop, test, produce, manufacture, otherwise acquire, possess or stockpile nuclear weapons or other nuclear explosive devices.” The treaty similarly requires a commitment that states not “use or threaten to use nuclear weapons,” or transfer, station, install or deploy nuclear weapons on states parties’ territories.
The TPNW is the first global arms control instrument that prohibits nuclear weapons entirely. However, to date the Treaty on the Non-Proliferation of Nuclear Weapons (NPT), in effect since March 1970, remains the main international treaty regulating nuclear weapons. The NPT is intended to prevent the further spread of nuclear weapons, rather than to prohibit them outright. None of the five nuclear weapon states that are recognized under the NPT – China, France, Russia, the United Kingdom and the United States – have signed the TPNW. Furthermore, neither these countries’ key allies, including all NATO members, nor non-states parties to the NPT that are understood or alleged to possess nuclear weapons – India, Israel, North Korea and Pakistan – have signed the new treaty. Only TPNW states parties are bound by its provisions.
The History of the Treaty
The 2017 adoption of the treaty resulted in mixed responses. According to a UN press release, the spokesperson for UN Secretary-General António Guterres said: “The treaty represents an important step and contribution towards the common aspirations of a world without nuclear weapons.” Praise for the treaty was also voiced by members of the civil society that have continuously worked towards its realization. For instance, the International Campaign to Abolish Nuclear Weapons (ICAN) stated: “This treaty is a clear indication that the majority of the world no longer accepts nuclear weapons and does not consider them legitimate tools of war.” ICAN was awarded the 2017 Nobel Peace Prize for its work on eliminating nuclear weapons, that year culminating in the adoption of the TPNW.
However, critics of the treaty, including nuclear weapon states and their allies, claim that a treaty prohibiting nuclear weapons is premature given the current international security environment. In a joint press release, the United States, the United Kingdom, and France stated the following: “We do not intend to sign, ratify or ever become party to [the treaty]. Therefore, there will be no change in the legal obligations on our countries with respect to nuclear weapons.” The statement further adds: “This treaty offers no solution to the grave threat posed by North Korea’s nuclear program, nor does it address other security challenges that make nuclear deterrence necessary. A ban treaty also risks undermining the existing international security architecture which contributes to the maintenance of international peace and security.”
Despite the criticism, proponents of the TPNW expect that the treaty will create 