Norway’s parliament turned down proposal to pull out investments from all firms linked to occupied Palestinian regions.
Norway’s parliament has voted against a push to withdraw the country’s massive $1.9 trillion wealth fund from all companies operating in occupied Palestinian areas. The proposal, largely backed by pro-Palestinian groups, aimed to cut links with any firm with activity in the West Bank or Gaza. However, the ruling minority Labour government maintained its long-held stance, choosing to keep the fund’s current ethical investment policy.
During Wednesday’s debate, Finance Minister Jens Stoltenberg defended the decision, saying the oil fund already has a clear framework for responsible investing. He explained that companies found to directly aid violations of international law, including Israeli firms breaking such rules, are excluded from the fund.
Government Maintains It’s Acting Within the Law
Responding to criticism, Stoltenberg said the sovereign fund operates under strict ethical rules approved by parliament, and all investments are monitored by an independent body. He assured lawmakers that the government sees no breach of international law in the current investments.
He also pointed out that the ethical committee had recently advised pulling investments from an Israeli petrol chain and telecom firm, with more reviews underway.
Opposition, UN Raise Concern Over Fund’s Role
Despite this, opposition MP Ingrid Fiskaa from the Socialist Left claimed the fund’s money still plays a part in Israeli actions that hurt Palestinian families. “If Norwegian money wasn’t there, Israeli demolitions wouldn’t be so easy,” she said in parliament.
The United Nations Special Rapporteur on Palestinian human rights, Francesca Albanese, also weighed in. In a letter to the Finance Minister, she said many international corporations tied to the fund are part of the system enabling the Israeli occupation in Gaza and the West Bank, including East Jerusalem.
In her warning, she stressed that foreign investments fuel the very economy that keeps the occupation alive. Still, Norway’s government is sticking by its decision, saying it will continue reviewing investments based on case-by-case ethical concerns—not blanket bans.
