Norway wealth fund urged to ease nuclear arms ban after Gaza investment row
Summary
A committee has recommended that Norway’s sovereign wealth fund stop banning investments in companies that make nuclear weapons and should avoid making decisions based on political issues like the war in Gaza. The report suggests giving more control to the central bank managing the fund and easing ethical limits to reflect Norway’s security needs as part of NATO.Key Facts
- Norway’s sovereign wealth fund manages nearly $2.3 trillion in assets.
- The committee advises lifting bans on investing in companies involved in nuclear weapons production.
- The report says the fund should not decide on political or diplomatic matters, such as the conflict in Gaza.
- This review was partly triggered by the fund pulling money out of Caterpillar over alleged rights violations linked to Israel.
- Norway relies on NATO’s nuclear protection, influencing the recommendation to allow investments in nuclear weapons firms from the US, UK, and France.
- The committee suggests giving the central bank more freedom to handle ethical risks and keep some investment reviews confidential.
- The proposed changes have faced criticism from Norwegian politicians and international experts.
- The report connects the fund’s investment decisions to Norway’s national security needs amid a worsening global security environment.
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