Norway's Wealth Fund to Divest More Israeli Investments Amid Gaza Crisis
Norway's $2 trillion wealth fund is set to divest from more Israeli companies due to ethical concerns arising from the crisis in Gaza. Following its recent sale of stakes in Israeli firms involved with the military, the fund will further scrutinize its remaining investments and report back by August 20.
Norway's sovereign wealth fund, valued at $2 trillion, is preparing to further divest from Israeli companies as a response to the ongoing humanitarian crisis in Gaza. The fund has already terminated contracts with certain asset managers and sold its stake in Bet Shemesh Engines Ltd (BSEL), which supplies the Israeli military.
As of June, the fund held stakes in 61 Israeli entities and has divested from 11, including BSEL. The fund's management is now reassessing the ethical implications of its remaining investments and will report its findings to Norway's finance ministry by August 20.
Despite calls for the fund to entirely divest from Israel, it maintains its investments based on individual ethics assessments. The ethical review process is being scrutinized and revised to ensure quicker responses to geopolitical conflicts, with oversight from the Council on Ethics.
(With inputs from agencies.)
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