Norwegian pension fund divests from companies selling to Israeli military
Summary
Norway's largest pension fund, KLP, has decided to stop investing in two companies, Oshkosh Corporation and ThyssenKrupp, because they sell equipment used by the Israeli military, including in Gaza. KLP made this decision after learning from the UN that these companies' products could be linked to the conflict there.Key Facts
- KLP is Norway's biggest pension fund, managing about $114 billion and covering around 900,000 people.
- KLP will no longer invest in Oshkosh Corporation from the US and ThyssenKrupp from Germany.
- Oshkosh sells military vehicles and parts to the Israeli army that are used in Gaza.
- ThyssenKrupp has delivered warships to the Israeli Navy and plans to deliver submarines.
- KLP had investments of $1.8 million in Oshkosh and almost $1 million in ThyssenKrupp until June 2025.
- KLP says both companies did not provide enough proof that they are following rules to avoid human rights violations.
- Years before, KLP had also stopped investing in other companies due to possible human rights concerns related to Israeli settlements and the Myanmar military.
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