In reaction to the ongoing genocide in Gaza, Norway’s national wealth fund has sold its stakes in eleven Israeli companies.
The divestment, completed on August 11, 2025, comes after an urgent review triggered by media reports that highlighted the fund’s investments in firms providing military support to Israel.
Largest Sovereign Fund Acts
The $2 trillion fund, managed by Norges Bank Investment Management and the world’s largest sovereign wealth fund, previously held shares in 61 Israeli firms.
The fund has now terminated contracts with external managers handling Israeli investments and moved these investments in-house.
Humanitarian Crisis Drives Decision
Norwegian Finance Minister Jens Stoltenberg emphasized that Israel’s actions in Gaza have caused severe humanitarian suffering. Israeli is obstructing aid, killing civilians, and restricting access to food and medical support.
Stoltenberg highlighted Norway’s longstanding condemnation of international law violations and called for an immediate halt to hostilities, the release of all hostages, and unhindered humanitarian access.
Corporate Oversight and Ethical Review
The fund’s CEO, Nicolai Tangen, noted that the divestment reflects extraordinary circumstances. He explained that the fund holds investments in companies operating in a country at war, and with conditions in the West Bank and Gaza worsening, it will strengthen monitoring and due diligence.
The fund has historically focused on companies involved in conflict zones and human rights concerns.
European Trend and Global Context
Norway’s action aligns with a broader European pattern, where financial institutions have scaled back ties with Israeli companies amid activist pressure and international criticism.
In June 2025, Norway’s largest pension fund also severed links with companies engaged in Israeli-occupied territories, though a broader divestment proposal was rejected by parliament.
Ongoing Review and Future Steps
The sovereign fund has indicated that it will continue reviewing Israeli investments for potential divestment.
This move underscores growing global concern over Israel’s genocide in Gaza, with widespread international calls to halt the genocide, protect civilians, and allow humanitarian relief to reach affected populations.
Watch a video here:
@middleeasteye “The Pension Fund has completely divested from 11 Israeli companies” Norway’s $2 trillion sovereign wealth fund has terminated contracts with asset managers handling its Israeli investments and divested parts of its portfolio in the country due to Israel’s actions in Gaza and the occupied West Bank. Speaking during a press conference, Norwegian Finance Minister and former NATO chief Jens Stoltenberg stated that the fund does not have a policy of withdrawing from all Israeli companies, but only from those that contribute to breaches of international law.
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