Norway's sovereign wealth fund should invest in major defence groups, commission concludes
A commission review could let the $2.3 trillion fund buy shares in major defence contractors after a year-long pause on ethics-based divestments, officials said.
- On Thursday, Norway is expected to overhaul ethical rules for its $2.3 trillion wealth fund following a state-appointed commission's findings, a year after pausing divestments amid foreign scrutiny.
- The Trump administration protested the fund's divestment from Caterpillar over the use of bulldozers in Gaza and the West Bank, prompting the government to pause ethics-based divestments pending this review.
- Finance Minister Jens Stoltenberg, a former Nato secretary-general, noted that 10 tech giants including Nvidia, Apple, and Amazon account for over 20% of the fund's portfolio value.
- Lifting the nuclear weapons investment ban would allow the fund to invest in major defence companies like Boeing, Airbus, and Northrop Grumman, potentially enabling tens of billions in new allocations.
- The Red Cross warned that reducing transparency could undermine global standards, though Stoltenberg stated, "At the same time, we must have a good ethical framework" as value chains integrate.
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22 Articles
Norway may let wealth fund invest in nuclear weapon makers
Norway's sovereign wealth fund (the Oil Fund) the world's largest with assets of more than $2.2 trillion, may once again be allowed to invest in firms that make nuclear weapons under a proposal made on Thursday.
Norway's sovereign wealth fund should invest in major defence groups, commission concludes
Norway should allow its $2.3 trillion wealth fund to invest in major Western defence groups that are currently banned from its portfolio due to their involvement in nuclear arms production, a government-appointed commission recommended on Thursday.
Reformatorisch Dagblad
welingelichtekringen.nlThe Norwegian sovereign wealth fund, the largest in the world, may once again be allowed to invest in companies that produce nuclear weapons. This is evident from a proposal presented on Thursday by the committee chaired by former Governor Svein Gjedrem of the Norwegian central bank.
Following controversy with the Trump administration, Norway is revising the fund guidelines. Stock purchases could soon become possible, which are still banned.
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