On Tuesday, the Norwegian government announced that it would review its sovereign wealth fund’s investments in Israeli companies. This comes after the country’s leading newspaper, Aftenposten, revealed that the nearly $2 trillion fund holds shares in Bet Shemesh Engines Ltd, an Israeli company that supplies parts for fighter jets used in Israel’s ongoing war in Gaza.
The revelation has caused public and political alarm in Norway and beyond, especially as Israel faces growing diplomatic isolation over its actions in Gaza:
The war has killed over 60,000 Palestinians.
Gaza’s 2.3 million residents are facing mass destruction and displacement.
More than 200 people have died of starvation, despite Israel’s claim of “tactical pauses” in military operations.
Israel continues to block humanitarian aid from entering Gaza.
Prime Minister Jonas Gahr Støre called the investment in the Israeli firm “worrying,” stating:
“We must get clarification on this, because reading about it makes me uneasy.”
Finance Minister Jens Stoltenberg, who oversees the sovereign wealth fund, ordered Norges Bank (Norway’s central bank) to review the fund’s portfolio. He stated:
“The war in Gaza is contrary to international law and is causing terrible suffering. It is understandable that questions are being raised about the fund’s investments in Bet Shemesh Engines.”
Stoltenberg emphasized the need to ensure that Israeli companies involved in the occupation of the West Bank or the war in Gaza are not included in the fund’s investment portfolio.
A few weeks prior, Norway’s Parliament rejected a proposal to withdraw all investments from companies operating in occupied Palestinian territories. However, this new move signals that public pressure and the deteriorating humanitarian situation are prompting a reevaluation.
Stoltenberg has now formally asked Norges Bank and the Council on Ethics to conduct a renewed review of all Israeli-related investments.
The Norwegian fund, the world’s largest sovereign wealth fund, is often seen as a global benchmark for ethical investing. A decision to divest from Israeli companies involved in the war could influence other countries and investors to follow suit.
This growing scrutiny reflects a shift in public opinion globally, as outrage intensifies over Israeli military operations, civilian casualties, and the humanitarian crisis in Gaza.
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