Norway's Sovereign Wealth Fund Divests from Five Israeli Banks

OSLO, Norway — Norway's sovereign wealth fund, the world's largest, has divested from five Israeli banks. The fund, managed by the Norwegian central bank, has withdrawn investments worth $661 million. The move comes in response to human rights violations in the occupied Palestinian territories, including Gaza and the West Bank.

The fund, valued at approximately $1 trillion, made the announcement on October 2023. This is not the first time the fund has taken such action. In August 2022, it divested from the American company Caterpillar and five Israeli banks for ethical reasons.

The Norwegian fund's council on ethics recommended the divestment. The council cited concerns over the banks' involvement in activities that contribute to serious human rights violations. These violations include the financing of settlements and infrastructure in the occupied territories.

The fund's decision aligns with Norway's foreign policy, which supports a two-state solution to the Israeli-Palestinian conflict. The fund aims to ensure that its investments do not contribute to human rights abuses or violations of international law.

The five Israeli banks affected by the divestment have not yet responded to the announcement. The Norwegian fund's decision is expected to have significant financial and political implications.

**Context:** The Norwegian sovereign wealth fund's decision to divest from Israeli banks highlights the growing trend of financial institutions considering ethical and human rights factors in their investment decisions. This move underscores the increasing global scrutiny of businesses and financial institutions involved in activities that contribute to human rights violations and conflicts.