Norway Wealth Fund Blacklists Caterpillar Over West Bank Links

(Bloomberg) -Norway’s 2 trillion-dollar sovereign reserve fund, Israel’s bulldozer to destroy the Palestinian property in Gaza and West Bank, the heavy equipment manufacturer Caterpillar Inc.

While the fund excludes more than 20 Israeli companies this summer, Caterpillar is the first major US company to be removed in an ongoing investigation to ensure that the fund investments do not contribute to international law violations. The Fund has further pressure on Israel’s war in Gaza and the companies that contribute to the activities of the occupied West Bank.

“There is no doubt that Caterpillar products will be used to make comprehensive and systematic violations of international humanitarian law,” the Independent Ethics Council said. The Fund said that the proposals did not evaluate all aspects independently, but that the criteria were fulfilled.

As of June 30, the Fund received approximately $ 2.1 billion or about 1.2%in Caterpillar. Caterpillar did not immediately respond to Bloomberg’s desire to comment.

The Fund also excluded the first international bench, Bank Leumi Le-Israel, Mizrahi Tefahot Bank, Fibi Holdings and Bank Hapoalim due to the funding of the funding of construction activities that contribute to the continuation of Israeli settlements ”.

Norges Bank Investment Management, which has approximately 1.5% of the world -listed stocks, operates under a mission determined by Parliament with ethical instructions on various subjects from land mines to climate change. It is recommended by an external ethical council that constantly evaluates the portfolio and proposes for exclusion or observation.

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