Institution of Engineering and Technology (IET) Update on financial links with fossil fuels and arms corporations

The report by Scientists for Global Responsibility (SGR) finds that the Institution of Engineering and Technology (IET) maintains significant financial ties to the arms and fossil fuel sectors through investments, corporate partnerships, and sponsorships. Despite adopting an ESG policy in 2019 and setting a net-zero target for its own operations, the IET has not excluded any asset types from its investments. SGR highlights that the IET invests in funds containing thermal coal, oil sands, and various controversial and nuclear weapons. Furthermore, the IET maintains corporate partnerships with numerous arms companies and fossil fuel giants like BP and Shell. SGR argues these links contradict the IET's stated values of integrity and its goal of 'working to engineer a better world', especially as peers in other scientific and medical fields have moved toward full divestment.

• The IET has an ESG investment policy but does not exclude any specific asset types or individual investments, leading to holdings in fossil fuels and arms.
• The IET invests in the BlackRock Dynamic Diversified Growth Fund, which includes assets in thermal coal, oil sands, nuclear weapons, and several types of controversial weapons.
• The IET maintains corporate partnerships with over 100 entities, including fossil fuel companies BP and Shell, and numerous arms corporations such as BAE Systems, Lockheed Martin, and Raytheon.
• The IET receives financial support from the arms industry through donations, event sponsorship, and education programme support, including contributions from Airbus, BAE Systems, Chemring Group, and Thales.
• The IET has set a target to achieve net-zero greenhouse gas emissions from its own operations within ten years, though it lacks a comprehensive environmental policy on its website.
• SGR argues that the IET's financial ties to the arms and fossil fuel industries contradict its own Rules of Conduct and its stated purpose of 'working to engineer a better world'.
• Several of the IET's peer organisations in science and medicine have already implemented stricter exclusions or full divestment from arms and fossil fuels.

APA

Scientists for Global Responsibility (2022). Institution of Engineering and Technology (IET) Update on financial links with fossil fuels and arms corporations. https://www.sgr.org.uk/sites/default/files/2022-03/IET_progress_report_0.pdf

Chicago

Scientists for Global Responsibility. Institution of Engineering and Technology (IET) Update on financial links with fossil fuels and arms corporations. 2022. https://www.sgr.org.uk/sites/default/files/2022-03/IET_progress_report_0.pdf.

Wikipedia

{{cite report |author=Scientists for Global Responsibility |title=Institution of Engineering and Technology (IET) Update on financial links with fossil fuels and arms corporations |date=March 2022 |url=https://www.sgr.org.uk/sites/default/files/2022-03/IET_progress_report_0.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{scientistsforglobalresponsibility2022institution, author = {{Scientists for Global Responsibility}}, title = {{Institution of Engineering and Technology (IET) Update on financial links with fossil fuels and arms corporations}}, institution = {Scientists for Global Responsibility}, year = {2022}, month = mar, url = {https://www.sgr.org.uk/sites/default/files/2022-03/IET_progress_report_0.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }