Norway’s $2 trillion sovereign wealth fund has announced it will exclude six additional companies with connections to the West Bank and Gaza, deepening its divestment from Israeli-linked firms after an ethics review.
The fund did not identify the companies but said their names and the reasons for exclusion will be made public once divestments are finalized. The move comes as part of a wider review, which has already led to the exclusion of 23 Israeli firms since June 30.
Finance Minister Jens Stoltenberg said more companies could face exclusion, noting closer coordination between the fund’s ethical watchdog and Norges Bank Investment Management (NBIM). Currently, the fund holds stakes in 38 Israeli companies worth 19 billion crowns ($1.9 billion), down from 61 firms earlier this year.
The latest action follows controversy over reports that the fund invested in an Israeli jet engine manufacturer supplying the military, sparking renewed political debate ahead of Norway’s September 8 election. While some parties have called for a total withdrawal from Israeli companies, parliament rejected such a proposal in June.
Stoltenberg emphasized that faster reviews and stricter oversight could lead to further divestments, as the fund seeks to balance financial returns with ethical standards.
