Oslo: Norway's sovereign wealth fund, the world's largest, announced it was divesting from 11 Israeli companies due to the ongoing Israeli conflict in Gaza.
According to Palestine News and Information Agency - WAFA, the decision was made in response to the humanitarian crisis unfolding in the region.
Nicolai Tangen, head of Norges Bank Investment Management (NBIM), which manages the fund, explained that the move was prompted by the deteriorating conditions in Gaza and the West Bank. "The situation in Gaza is a serious humanitarian crisis," Tangen stated, emphasizing the fund's position against being invested in companies operating in a country at war.
Furthermore, Norway's government has pledged to review the fund's investments in Israel following revelations by a leading newspaper about its stake in Bet Shemesh Engines. This Israeli company provides jet engine parts used by fighter jets in the Gaza conflict, leading to significant public concern.
Finance Minister Jens Stoltenberg noted that the fund is expected to avoid investments that enable states to breach international law, a principle seemingly contradicted by its stake in Bet Shemesh Engines. "The war in Gaza is contrary to international law and is causing suffering," Stoltenberg remarked. He has requested Norges Bank and the Council on Ethics to reassess the fund's investments in Israeli firms due to the escalating conflict.
Norwegian Prime Minister Jonas Gahr Store expressed his unease over the fund's involvement with the Israeli company, calling for clarity on the matter. The fund's history of divesting from entities linked to the conflict, such as Paz Retail and Energy in 2025, underscores its commitment to ethical investment practices.
As a global leader in environmental, social, and governance (ESG) investment, Norway's fund holds 1.5 percent of shares across 9,000 companies worldwide, with a valuation of $1.8 trillion. The latest divestment decisions reflect its ongoing efforts to align with international humanitarian standards.
