The world's largest sovereign wealth fund also divested from five Israeli banks
Norway's sovereign wealth fund, the largest in the world, said on Monday it had divested from American construction equipment manufacturer Caterpillar Inc and five Israeli banks over human rights violations in Gaza.
The $1.9 trillion fund's executive board said in a public statement it had decided to divest from all six entities following advice by its ethics council, which said they all “contribute to serious violations of the rights of individuals in situations of war and conflict".
The ethics council went on to say that “bulldozers manufactured by Caterpillar are being used by Israeli authorities in the widespread unlawful destruction of Palestinian property".
“There is no doubt that Caterpillar’s products are being used to commit extensive and systematic violations of international humanitarian law," the statement said, adding that the company had not implemented any measures to prevent its use for these purposes and that the council considers "an unacceptable risk that Caterpillar is contributing to serious violations of individuals’ rights in war or conflict situations”.
In its assessment, the ethics council said the Israeli military had utilised bulldozers manufactured by Caterpillar for decades, with only a brief pause between 2024 and 2025. These machines were supplied to Israel through the United States foreign military sales programme and then modified by other parties for “military purposes”. (more...)
Norway's wealth fund divests from Caterpillar over human rights violations in Gaza
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