OSLO, Norway — The Norwegian parliament on Wednesday rejected moves to toughen rules on its sovereign wealth fund investing in companies operating in the West Bank.
Lawmakers voted by 88 to 16 against a proposal to order the fund to withdraw from companies “that contribute to Israel’s war crimes and the illegal occupation” of the West Bank.
Norway’s sovereign wealth fund, fueled by vast revenue from the country’s oil and gas exports, is the biggest in the world and has nearly $1.65 trillion invested around the globe.
The government is under pressure to use its financial clout to influence Israeli policy in the Gaza Strip amid the ongoing war with Hamas, and in the West Bank, where its settlement policy has largely been deemed illegal under international law.
In a letter signed by about 50 non-governmental organizations, Norway’s main union LO called on the Labour government to ensure that the fund’s investments were in line with the country’s legal obligations.
The UN special rapporteur on the Palestinian territories on May 20 urged Oslo to “fully and unconditionally divest from all entities linked to Israel’s unlawful presence in the occupied Palestinian territory.”
Francesca Albanese said Norway’s fund held $121.5 billion — or 6.9 percent of its total value — in companies “involved in supporting or enabling egregious violations of international law in the occupied Palestinian territories.”
Her call for a blanket ban was beyond the scope of what others were suggesting, as it would include any companies that offer their products and services in West Bank settlements.
Albanese has been widely criticized for her history of antisemitism and vitriol against the Jewish state.
Norwegian Finance Minister Jens Stoltenberg in response called for an end to violence, the liberation of the remaining hostages abducted by Hamas on October 7, 2023, and the resumption of humanitarian aid to the Gaza Strip.
But he said the fund’s investments “do not violate Norway’s obligations under international law.”
Currently, the fund, which operates under ethical guidelines set by the Norwegian parliament, has blacklisted 11 companies for assisting Israel’s policies in the territories, most recently Israeli gas station chain Paz last month.
At the end of 2024, fund data showed that it fund held stocks worth 22 billion crowns ($2.12 billion) across 65 companies listed on the Tel Aviv stock Exchange. They represent 0.1% of the fund’s overall investments.
Norway has been critical of Israel’s conduct throughout its military campaign aimed at toppling the Hamas regime in Gaza and freeing the hostages following the October 7, 2023, Hamas-led invasion and massacre.
In May last year, Norway, along with Spain and Ireland, formally recognized a Palestinian state.
Times of Israel staff contributed to this report.