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Norway's Sovereign Wealth Fund May Re-enter Defense Sector Amid US Pressure
Norway's $2.3 trillion sovereign wealth fund may resume investments in major defense contractors, including those producing nuclear weapons, following recommendations from an ethics review committee.
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What happened
- 01Norway's sovereign wealth fund may reinvest in defense giants after an ethics review.
- 02The fund manages approximately $2.3 trillion in assets globally.
- 03Previous divestments targeted Israeli banks and Caterpillar over ethical concerns.
- 04The review was influenced by U.S. pressure regarding divestment decisions.
- 05Human rights groups oppose potential changes to investment guidelines.
- 06Parliamentary vote on the recommendations is expected by mid-2027.
The committee, led by Svein Gjedrem, suggests easing restrictions that led to divestments from Israeli banks and Caterpillar. These changes, prompted partly by U.S. pressure, aim to avoid perceived political stances in investment decisions. The Norwegian government will consult the public before a parliamentary vote in mid-2027.
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