Norwegian Parliament Plans to Reject Blanket Boycott of Firms Linked to Palestinian Territories

Norway's parliament is set to reject calls to direct its $1.8 trillion sovereign wealth fund to divest from all companies selling products or services in the occupied Palestinian territories, according to multiple sources. The finance committee decided that only companies directly linked to violations of international law should be excluded from the fund's portfolio, rather than imposing a blanket ban on all firms operating in these areas. The fund currently operates under ethical guidelines and has blacklisted 11 companies for supporting Israel's occupation, including the Israeli petrol station chain Paz. Campaigners have pushed for a broader divestment similar to Norway's swift action against Russian investments following the 2022 invasion of Ukraine, but parliament is reluctant to force the sale of billions of dollars in stakes in Israeli and multinational companies whose products are sold in the West Bank and Gaza. The International Court of Justice ruled Israel's occupation illegal, a decision Israel rejects, but Norway's fund maintains a nuanced approach, focusing on direct legal violations rather than presence alone. This decision reflects growing tensions and scrutiny amid the ongoing conflict in Gaza and calls for ethical investment practices.