Norway May Allow Investments in Nuclear Weapons Firms
Translated & summarized from NEWSru Israel by baba
Norway's sovereign wealth fund may soon be permitted to invest in major defense companies that produce nuclear weapons, following a commission's recommendation. The fund, valued at $2.3 trillion, currently excludes such firms based on ethical guidelines. The proposed change, which requires government and parliamentary approval, would allow investments in companies supplying nuclear weapons to NATO allies. This potential shift comes after the fund reduced investments in Israeli firms and sold Caterpillar shares, drawing international attention.
The story in 6 lines · by baba
- Norway's $2.3 trillion sovereign wealth fund may be allowed to invest in nuclear weapons manufacturers.
- A government commission recommended easing ethical restrictions on defense company investments.
- Companies like Lockheed Martin and Boeing could become eligible for fund investments.
- The proposed change targets firms supplying nuclear weapons to NATO allies.
- The fund's contribution to Norway's state budget makes portfolio diversification important.
- The proposal faces opposition from human rights groups and left-wing parties.
A Norwegian government commission has recommended easing restrictions that prevent the country's sovereign wealth fund, valued at approximately $2.3 trillion, from investing in major defense contractors that produce nuclear weapons. Companies like Lockheed Martin, Boeing, Northrop Grumman, and BAE Systems are among those that could become eligible for investment. The recommendations are subject to public consultation before a final decision is made by the government and parliament.
The fund, established to invest oil and gas revenues for future generations, holds stakes in over 7,000 companies globally. Historically, it has adhered to strict ethical guidelines, excluding producers of nuclear weapons and their key components, with 14 defense contractors currently on its blacklist. The commission, led by former central bank chief Svein Gjedrem, proposes allowing investments in companies manufacturing nuclear weapons for nations recognized as nuclear powers under the Non-Proliferation Treaty and who are NATO members alongside Norway. This would primarily affect American, British, and French firms, while prohibitions on investing in producers of chemical, biological weapons, and landmines would remain.
Proponents of the change argue that Norway relies on NATO's nuclear deterrence and should be able to invest in the companies that provide these systems. Finance Minister Jens Stoltenberg, a former NATO Secretary General, is reportedly seeking to align the fund's policy with current geopolitical realities. The fund's returns contribute significantly to Norway's state budget, making portfolio diversification crucial.
The commission also suggested reducing the authority of the independent ethics council, shifting more influence to the fund's management and the central bank. This proposal has drawn opposition from human rights groups and left-wing parties, who fear it would weaken ethical oversight of public funds. The article also notes the fund's recent reduction in investments in Israeli companies and the sale of Caterpillar shares due to the company's equipment being used in Gaza and the West Bank, a move that drew criticism from the U.S. administration.
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