Norway Wealth Fund Divests Caterpillar, Israeli Banks Over Gaza Rights Concerns

Norway's $2 trillion sovereign wealth fund, the world's largest, has divested from U.S. construction equipment firm Caterpillar and five Israeli banks over ethical concerns linked to the Israel-Hamas conflict. The fund's Council on Ethics accused Caterpillar of enabling extensive violations of international humanitarian law by supplying bulldozers used by Israeli authorities to demolish Palestinian property in Gaza and the West Bank. The five Israeli banks—Hapoalim, Bank Leumi, Mizrahi Tefahot, First International Bank of Israel, and FIBI Holdings—were divested due to their financial support for the construction of Israeli settlements considered illegal under international law. These divestments align with decisions by Norway's parliament and growing political momentum in Norway advocating for a boycott of companies involved in operations in occupied Palestinian territories. The fund's actions reflect adherence to ethical investment guidelines amid increased scrutiny over corporate involvement in the conflict. This move follows previous divestments from other Israeli companies and comes as Norway's government reviews its investments in light of ongoing violence in Gaza.