The Norwegian authorities on Tuesday mentioned it will overview its sovereign wealth fund’s funding in Israel after the Scandinavian nation’s main newspaper revealed that the almost $2 trillion fund had a stake in an Israeli firm aiding Israel’s conflict in Gaza.
The newspaper, Aftenposten, recognized the corporate because the Guess Shemesh Engines Ltd (BSEL) group, which gives elements to Israeli fighter jets which might be being deployed in its devastating conflict on Gaza.
In latest weeks, Israeli-induced hunger deaths have induced a world outcry, with Western nations ramping up stress on Israel to finish the conflict that has killed greater than 60,000 Palestinians and ravaged Gaza – house to 2.3 million individuals.
Greater than 200 individuals have died of hunger as Israel has obstructed the entry of humanitarian help regardless of its so-called “tactical pause” in its almost two years of conflict.
So, what did Norway say, and are Israeli atrocities in Gaza and the remainder of occupied Palestinian territory turning the tide of public opinion in opposition to it?
What did Norwegian leaders say?
Norwegian Prime Minister Jonas Gahr Stoere mentioned that the funding within the Israeli agency was “worrying”. “We should get clarification on this as a result of studying about it makes me uneasy,” Stoere informed public broadcaster NRK.
Finance Minister Jens Stoltenberg, who manages the world’s largest fund, ordered the central financial institution to conduct a overview of the fund portfolio to verify Israeli corporations aiding the occupation of the West Financial institution or the conflict in Gaza are barred from investments.
“The conflict in Gaza is opposite to worldwide regulation and is inflicting horrible struggling, so it’s comprehensible that questions are being raised in regards to the fund’s investments in Guess Shemesh Engines,” Stoltenberg, a former NATO chief, mentioned, referring to the rising public and political stress.
The choice got here weeks after Norway’s parliament rejected a proposal for the fund to divest from all corporations with actions within the occupied Palestinian territory.
“In gentle of … the deteriorating scenario in Gaza and the West Financial institution, I’ll right this moment ask Norges Financial institution and the Council on Ethics to conduct a renewed overview of the fund’s investments in Israeli corporations and Norges Financial institution’s work on accountable administration,” Stoltenberg mentioned. Norges Financial institution is Norway’s central financial institution.
The unbiased ethics council, which gives suggestions on which corporations needs to be banned from the oil fund’s portfolio, has since 2009 urged excluding 9 Israeli teams.
How a lot funding is at stake?
Norges Financial institution, which manages the $1.9 trillion wealth fund, took a 1.3 % stake in BSEL in 2023 and raised this to 2 % by the tip of 2024, holding shares price $15m, the modern inventions obtainable NBIM information present.
The fund held shares in 65 Israeli corporations on the finish of 2024, valued at $1.95bn, its information present.
The worth of its stake was greater than 4 instances increased than it was on the finish of 2023, shortly after the Hamas-led October 7, 2023, assault that triggered the conflict. At the very least 1,139 individuals have been killed in that assault.
The sovereign fund, which owns stakes in 8,700 corporations worldwide, has bought its stakes in an Israeli vitality firm and a telecom group within the final 12 months, and its ethics council has mentioned it’s reviewing whether or not to suggest divesting holdings in 5 banks.
In Might, the sovereign fund determined to divest from Israel’s Paz Retail and Power for its involvement in supplying infrastructure and gas to unlawful Israeli settlements.
In December 2024, the fund bought all its shares within the Israeli firm, Bezeq, for its companies supplied to the unlawful settlements, that are thought-about the largest impediments within the realisation of a sovereign Palestinian state as a part of the so-called two-state resolution.
Furthermore, Norway’s largest pension fund has determined to sever its ties with corporations doing enterprise with Israel.
KLP, which manages a fund price about $114bn, mentioned in June that it’ll not do enterprise with two corporations – the US Oshkosh Company and ThyssenKrupp from Germany, which promote tools to the Israeli army that’s presumably getting used within the conflict in Gaza.
In line with the pension fund, it had investments price $1.8m in Oshkosh and virtually $1m in ThyssenKrupp till June 2025.
Final 12 months, KLP additionally divested from US-based Caterpillar, which makes bulldozers.
Which different funds and firms have severed ties with Israel?
French insurance coverage big AXA final August reportedly divested from its remaining investments in Israeli banks for funding unlawful settlements, in accordance with a report by advocacy group Eko.
Norwegian asset supervisor Storebrand has additionally bought shares in some Israeli corporations.
The transfer got here after sustained campaigning by human rights teams, who highlighted Israeli rights violations in opposition to Palestinians in Gaza and the West Financial institution.
One other main pension fund from Denmark, its largest, divested from a number of Israeli banks and firms final February over fears that the funding might be used to fund the unlawful Israeli settlements.
The fund has bought its shares and shares to the tune of 75 million krone ($7.4m) in worth.
Final month, Eire’s sovereign wealth fund divested shareholdings price greater than 1 million euros ($1.2m) from two lodging corporations linked to Israeli settlements. The 2 corporations have been recognized as Expedia Group and TripAdvisor, in accordance with media experiences.
The Irish authorities, which has been vocal in opposition to Israel’s conflict on Gaza, divested 2.95 million euros ($3.43m) price of shares from six different Israeli corporations.
Amid stress from campaigners and activists from Boycott, Divestment and Sanctions (BDS), a number of firms have been compelled to sever ties with Israel. Delivery big Maersk was compelled to chop ties with corporations linked to unlawful Israeli settlements within the occupied West Financial institution in June.
The BDS, a grassroots organisation impressed by the anti-apartheid South Africa motion, requires financial stress on the Israeli authorities to finish its occupation of Palestinian lands.
A number of of Europe’s largest monetary corporations have reduce their hyperlinks to Israeli corporations or these with ties to the nation, a Reuters evaluation of filings exhibits, as stress mounts from activists and governments to finish the conflict in Gaza.
Which nations have taken motion in opposition to Israel’s genocidal conflict on Gaza?
Colombian President Gustavo Petro, in July, banned exports of coal to Israel till the genocide stops. “We can not enable Colombian coal to be became bombs that assist Israel kill kids,” the left-wing president mentioned.
He has additionally pledged to stop all arms commerce with Israel. Underneath Petro, Colombia has helped arrange the Hague Group of 12 nations aimed toward pressuring Israel to finish its conflict on Gaza and the occupation of the Palestinian territory.
Spain’s left-wing coalition authorities in June cancelled a contract for antitank missiles from Israeli firm Rafael over the conflict atrocities in Gaza. The choice will have an effect on a deal price an estimated 285 million euros ($325m).
Few months earlier, Spain halted a controversial $7.5m deal to purchase ammunition from an Israeli firm, following criticism from far-left allies inside the coalition authorities.
Madrid has additionally referred to as for sanctions and an arms embargo on Israel over its Gaza conflict.
A number of Western nations have sanctioned Israeli settlers within the West Financial institution amid document violence in opposition to Palestinians.
In July 2024, Australia sanctioned Israeli settlers, becoming a member of France, the UK.
The sanction got here after the Worldwide Courtroom of Justice (ICJ) issued a nonbinding opinion that each one Israeli settlement exercise on Palestinian land is against the law and should cease as quickly as potential.
In June, Australia, Canada, New Zealand, Norway and the UK formally sanctioned far-right Israeli ministers, Itamar Ben-Gvir and Bezalel Smotrich, for “incitement of violence” in opposition to Palestinians within the occupied West Financial institution and Gaza.
In the identical month, Spain, Eire and Slovenia referred to as for the suspension of the EU-Israel Affiliation Settlement. Sweden has additionally requested the European Council to undertake sanctions “in opposition to Israeli ministers who promote unlawful settlement actions and actively work in opposition to a negotiated two-state resolution”.
The EU gives thousands and thousands of {dollars} in funds to Israel as a part of its Horizon Europe analysis initiatives, whereas Western leaders have defended Israel for its conflict atrocities in Gaza and likewise shielded it from the United Nations resolutions crucial of its abuses.
Western nations have additionally been criticised for failing to arrest Israeli Prime Minister Benjamin Netanyahu and former Defence Minister Yoav Gallant, who face warrants from the Worldwide Legal Courtroom for conflict crimes in Gaza.
Final month, the United Nations particular rapporteur on the scenario of human rights within the occupied Palestinian territory, Francesca Albanese, launched a brand new report mapping the firms aiding Israel within the displacement of Palestinians and its genocidal conflict on Gaza, in breach of worldwide regulation.