Norway’s massive $2 trillion sovereign wealth fund will soon unveil changes to its Israeli investment strategy, as stated by Finance Minister Jens Stoltenberg. The adjustments come amid heightened ethical concerns over the ongoing war in Gaza.
Stoltenberg, addressing the media, emphasized that while measures are needed, a complete withdrawal from Israeli companies is not on the table. The review was prompted by local reports about the fund’s stake in Bet Shemesh Engines Ltd, which supports the Israeli military, sparking a political debate in Norway ahead of the upcoming elections.
The fund’s ethics watchdog admitted oversight regarding Bet Shemesh and is now scrutinizing the use of external managers. Currently holding shares in 65 Israeli firms, the fund’s latest moves reflect a balancing act amid calls for broader divestment from activities in occupied territories.
(With inputs from agencies.)