Norway’s $1.8 Trillion Wealth Fund Urged to Divest from Companies Linked to Israeli Occupation
Top Norwegian labor leader calls for sovereign fund withdrawal from firms operating in occupied Palestinian territories, citing violations of international law amid Gaza war.
Watan-A senior official in Norway’s largest labor union has called for the country’s $1.8 trillion sovereign wealth fund to divest from all companies assisting Israel in the occupied Palestinian territories, intensifying an ongoing divestment campaign.
The Norwegian Confederation of Trade Unions (LO), the largest and most politically influential labor union in the country, is closely aligned with the ruling Labour Party and often extends its influence beyond traditional labor issues.
“We want the fund to withdraw from companies operating in the occupied Palestinian territories,” said Steinar Krogstad, the union’s deputy leader, in an interview.He added that the Norwegian sovereign wealth fund—the largest in the world—has a general policy not to invest in companies that violate international law.
Norwegian Unions Push Stoltenberg to Act on Israeli Occupation Ties
Speaking on the sidelines of the union’s annual conference, where the Palestinian flag flew alongside those of Norway and the United Nations, Krogstad said:”This issue is gaining more traction now… because of Israel’s policies, its aggression, and its war in Gaza and the West Bank.”
The Israeli Embassy in Oslo has not responded to requests for comment.
Last year, the International Court of Justice ruled that Israel’s occupation and settlement-building in Palestinian territories is illegal and called for withdrawal “as soon as possible”—a ruling Israel dismissed as “fundamentally flawed” and biased.
On April 10, the Norwegian Confederation of Trade Unions and 47 other civil society organizations sent a letter to Finance Minister Jens Stoltenberg, urging him to take action.
The letter, addressed to Stoltenberg—himself a union member—asks him to direct the Central Bank, which manages the sovereign fund, to divest from any companies found to be at “unacceptable risk of involvement in international law violations in the occupied Palestinian territories.”
It also urges Stoltenberg to introduce clearer guidelines for monitoring and excluding such companies, in alignment with international law.
The Norwegian newspaper VG was the first to publish the letter.
Krogstad added that the union would also seek a meeting with Stoltenberg to discuss the matter, although no date has been set.
Norway’s Wealth Fund Faces Scrutiny Over Investments in Israeli Firms
The Finance Ministry stated that the fund operates under ethical guidelines approved by parliament, with divestments recommended by a “professionally independent” ethics oversight council.
“We have an effective framework supported widely by parliament,” said Deputy Finance Minister Elin Rytman.
The sovereign fund has faced mounting pressure to exit companies active in the West Bank and Gaza since the war began in October 2023.
Since then, the fund has divested from Israeli telecom company Bezeq and is currently reviewing another unnamed firm for potential exclusion by the Central Bank’s board.
A review by the fund’s ethics council cleared most other companies operating in the occupied territories.
According to fund data, it held $2.12 billion worth of shares in 65 companies listed on the Tel Aviv Stock Exchange by the end of 2024, accounting for 0.1% of its total investments.
