Norwegian Pension Fund Drops US, German Firms Over Israeli Military Sales

Norway’s largest pension fund, KLP, has divested from US-based Oshkosh Corporation and German firm ThyssenKrupp due to their supply of military equipment to the Israeli military amid the ongoing Gaza war. KLP accused Oshkosh of providing trucks adapted into armored troop transport vehicles and ThyssenKrupp of supplying warships and submarines to Israel, with deliveries continuing after the conflict intensified in October 2023. The fund cited concerns over violations of international law and human rights, referencing UN reports that such equipment may be used in ways that contravene humanitarian standards. KLP, managing assets worth approximately $114 billion and serving nearly 900,000 people, emphasized its commitment to responsible investment guidelines and confirmed it had engaged with both companies before making the decision. The move reflects growing scrutiny of corporate ties to military actions in Gaza and underscores KLP's stance against complicity in potential international crimes. This divestment is separate from Norway’s sovereign wealth fund, which also faces pressure regarding investments linked to the conflict.