Ethical Divestment: Norway's Wealth Fund Cuts Ties with Controversial Firms
Norway's $2 trillion wealth fund has divested from U.S. construction equipment group Caterpillar and five Israeli banks over ethical concerns. The fund cited Caterpillar's alleged involvement in violations of international humanitarian law, and the banks' role in supporting construction in conflict zones.
Norway's $2 trillion wealth fund, the largest in the world, announced a significant move on Monday by divesting from U.S. company Caterpillar and five Israeli banks due to ethical considerations.
The targeted banks include Hapoalim, Bank Leumi, Mizrahi Tefahot Bank, the First International Bank of Israel, and FIBI Holdings. The fund, operated by Norway's central bank, stated that the decision was made because of the companies' alleged roles in violating individual rights during conflicts.
The ethics council emphasized that Caterpillar's machinery is reportedly used in areas experiencing international humanitarian law violations, including Gaza and the West Bank, with no preventive measures by the company. The fund had been reviewing its investments amid ongoing conflicts and made its divestment decision public after selling its stakes.
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