Norway's Wealth Fund Faces Pressure to Divest from Israeli-Linked Firms

Norway's $1.8 trillion wealth fund is under pressure to divest from companies involved in the occupied Palestinian territories. The current push comes from Norway's powerful LO trade union, a significant influencer of the governing Labour Party, heightening a longstanding divestment campaign.

Steinar Krogstad, deputy leader at LO, emphasized in an interview that the fund should pull out of companies that engage in activities within these territories, citing breaches of international law. This move aligns with LO's general policy and is spurred by recent conflicts in Gaza and the West Bank.

The LO, along with 47 other organizations, has written to Finance Minister Jens Stoltenberg, urging him to direct the central bank to divest from companies at risk of violating international law. The fund operates under strict ethical guidelines, but recent events have increased the calls for revisiting its investment strategy.

(With inputs from agencies.)