Norway's sovereign wealth fund should invest in major defence groups, commission concludes
The panel would keep other exclusions unchanged while shifting more discretion to Norges Bank and limiting the Ethics Council’s role.
- On October 15, 2026, a government-appointed committee led by Central Bank Governor Svein Gjedrem recommended overhauling ethical rules for Norway's $2.3 trillion sovereign wealth fund, proposing exemptions allowing investments in nuclear-weapons-related defense firms based in NATO-allied states.
- Triggered by scrutiny from the United States following the 2025 divestment from Caterpillar, the committee argued that current restrictions on nuclear-weapons-related firms undermine Norway's national security and reliance on NATO's nuclear umbrella.
- Under the proposed framework, Norges Bank Investment Management would assume greater responsibility as the Council on Ethics loses its power to recommend exclusions; some risk assessments could also remain confidential.
- Amnesty International Norway Secretary General John Peder Egenæs warned the proposals "risk weakening accountability and integrity," while the Norwegian Red Cross called investing in nuclear arms makers "ethically and humanitarianly completely incomprehensible."
- Following the consultation period ending January 15, 2027, Finance Minister Jens Stoltenberg aims to present an assessment in spring 2027, with Norway's parliament expected to vote on the ethical overhaul in mid-2027.
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A committee recommends that the ethical rules of the Norwegian sovereign fund be relaxed to allow it to invest in certain nuclear weapons manufacturers based in allied countries. This recommendation, given to the Minister of Finance, would pave the way for the return of large defence groups...
The Norwegian sovereign wealth fund may once again invest in companies that produce nuclear weapons. A government commission wants to relax the rules regarding those investments. The fund is one of the world's largest investors, and therefore this would generate tens of billions of dollars in investments. Scandinavia correspondent Laura Gremmee: "The government commission believes that the security situation has changed."
Norway's largest sovereign fund in the world could be allowed to invest in large western companies in the defence industry, including Lockheed Martin, Boeing and Airbus, following a proposal to change the ethical rules governing its investments, reports CNBC.
With the state pension fund, Norway has one of the largest sovereign funds in the world. Currently, certain armament investments are taboo. This could change soon.
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