Norwegian Union Urges Wealth Fund to Divest from Israel-linked Companies

Norway's largest and most influential trade union, LO, has called for the country's $1.8 trillion sovereign wealth fund to divest from all companies involved in supporting Israel's activities in the occupied Palestinian territories, citing violations of international law. This campaign, gaining momentum amid ongoing conflict in Gaza and the West Bank, reflects LO's broader ethical policy against investments linked to such breaches. LO, alongside 47 civil society organizations, recently sent a letter to Finance Minister Jens Stoltenberg urging immediate divestment and the establishment of stricter ethical guidelines for the fund. Their demands follow a 2023 International Court of Justice ruling that deemed Israel's occupation and settlement-building illegal, a decision Israel has rejected. The union's stance underscores growing domestic and international pressure on Norway to align its massive sovereign wealth fund with global legal and ethical standards regarding foreign investments.