Norway Divests from Caterpillar Over Rights Violations in Israel-Hamas Conflict
Norway’s sovereign wealth fund announced on Monday its decision to divest from US construction equipment manufacturer Caterpillar, citing alleged involvement in human rights violations during the Israel-Hamas war., reports 24brussels.
The fund, the largest in the world with assets nearing €1.72 trillion, holds investments across over 8,600 companies globally, sustained by Norway’s substantial energy revenue.
Previously, it maintained a 1.2% stake in Caterpillar, valued at approximately 24.4 billion krone (€2.07 billion) at the end of 2024. The Norwegian central bank, which manages the fund, stated that the exclusion of Caterpillar is due to its “unacceptable risk… to serious violations of the rights of individuals in situations of war and conflict.”
The council on ethics for the fund recommended the exclusion, asserting, “bulldozers manufactured by Caterpillar are being used by Israeli authorities in the widespread unlawful destruction of Palestinian property.” They emphasized the products’ role in facilitating “extensive and systematic violations of international humanitarian law” and noted the company’s failure to implement measures to prevent such misuse.
In addition to Caterpillar, the fund also withdrew investments from five Israeli companies involved in financing illegal settlements in the Israel-occupied West Bank, including First International Bank of Israel and Bank Hapoalim.
This decision follows the fund’s recent divestment from 11 Israeli companies after it was revealed that it had investments in an Israeli jet engine manufacturer during the ongoing conflict in Gaza. The situation prompted Prime Minister Jonas Gahr Støre to request Finance Minister Jens Stoltenberg to undertake a review.
