Norway Wealth Fund Divests Paz Over West Bank Ties

Norway’s sovereign wealth fund, the world's largest, has divested from Israel’s Paz Retail and Energy due to the company’s operation of fuel infrastructure in Israeli settlements in the occupied West Bank, which are considered illegal under international law. This divestment is the fund's second from an Israeli company following the adoption of stricter ethical guidelines in August 2023 by its Council on Ethics, now targeting businesses supporting Israeli activities in both the West Bank and Gaza. The earlier divestment was from Israeli telecoms firm Bezeq. The fund, recognized for its leadership in responsible investing, owns stakes in about 9,000 companies worldwide and operates under ethical rules set by Norway’s parliament. The move reflects a broader trend of European financial institutions distancing themselves from companies linked to Israeli settlements after the Gaza conflict escalated. It remains uncertain whether the fund will divest from additional companies involved in the region.