Vladimir Putin is trying to reassemble Greater Russia, and Western Europe isn’t prepared to defend itself. The war in Ukraine has exposed the shortcomings, yet the Continent’s politicians still aren’t doing enough to rebuild their militaries. One reason is that environmental, social and governance (ESG) policies continue to cripple defense investment.
Start with the European Investment Bank, which finances investments to meet European Union policy goals. The bank long refused to finance dual-use projects like drones unless more than half of the expected revenue derived from civilian uses. It took more than two years after the Ukraine war began for the bank to waive that dual-use threshold. Yet the bank still refuses to finance the manufacture of weapons or ammunition.
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Publish date : 2024-12-29 13:43:00
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