Summary
Norway's $2-trillion wealth fund, the largest in the world, has stopped investing in US company Caterpillar and five Israeli banks. This decision is due to concerns that these companies contribute to rights violations in Gaza and the West Bank. The fund's ethics council recommended the divestment, citing Caterpillar's equipment use in property destruction and the banks' roles in funding settlements.
Key Facts
- Norway’s wealth fund is the biggest worldwide, managing $2 trillion.
- The fund divested from Caterpillar, a US construction equipment company, over rights violation concerns.
- Caterpillar's equipment is reportedly used by Israel in destroying Palestinian property.
- The fund also divested from five Israeli banks due to their financial support of settlements.
- Norwegian central bank mentioned a risk of these companies violating rights in war zones.
- The International Court of Justice has criticized Israeli settlements as illegal.
- The divestment includes bank stakes totaling $661 million.
- The ethics council indicated Caterpillar has not acted to prevent its equipment use in rights violations.
