The world’s largest fund has sold stakes in 11 Israeli companies and has even reviewed more.
Norwegian $2 trillion sovereign wealth fund says it has terminated all contracts with asset managers that handle Israeli investments and sold part of its portfolio.
Monday’s announcement came after media reports last week said the fund had built shares on Israeli jet engine groups serving Israeli troops, and the Israeli jet engine groups as Israeli genocide war and Palestinian population rage.
Norwegian central bank and the world’s largest fund, the fund had held stakes in 61 Israeli companies as of June 30, but recently sold 11 of these shares, the fund said in a statement.
“We’ve now sold out completely from these positions,” the fund said, adding that it continues to review Israeli companies for potential sales.
“These measures have been taken in response to an extraordinary situation. The situation in Gaza is a serious humanitarian crisis,” said Nicolai Tangen, CEO of Norges Bank Investment Management, in a statement.
“We are investing in companies operating in wartime countries, and the situation in the West Bank and Gaza has been getting worse recently. In response, we will further strengthen our due diligence.”
The fund said it has “long-term particular attention has been paid to businesses related to war and conflict.”
“We are constantly monitoring the risk management of companies related to conflict zones and respect for human rights,” he said.
The Norwegian government has begun its review after the country’s leading newspaper Ahtenposten revealed that it has stock in Betshemesh Engines (BSEL), which provides parts to Israeli fighter jets unfolding in the war with Gaza.
Norwegian Prime Minister Jonas Garh said he was “worried” about investment at the time.
The sovereign fund, which owns 8,700 stakes worldwide, has sold stakes in Israeli energy companies and Telecommunications Group over the past year.
In June, Norway’s largest pension fund also decided to cut ties with Israel to businesses. That same month, however, Norwegian parliament rejected a proposal for a fund to sell from all businesses with activities in occupied Palestinian territory.
According to an analysis of filings by Reuters, some of Europe’s biggest financial companies have cut ties with Israeli companies and companies with ties to the country as pressure is placed on activists and governments to end the war in Gaza.
Last month, Francesca Albanese, the UN Special Rapporteur on occupied Palestinian territory, called on the nation to cut off all trade and financial ties with Israel, including international support for what is called the “genocide economy.”
In a report titled “from the occupied economy to the genocide economy,” Albanese detailed “the Israeli settlers – corporate machinery to maintain the colonial project of Palestinian evacuation and replacement in occupied territory.”
The report has picked out companies such as arms makers, technology giants, large machinery companies and financial institutions for “complicity” in Palestinian oppression from keeping Israel’s expansion in occupied territory and allowing Palestinians to be monitored and killed.
