As the people of Norway head to the polls on 8 September 2025, where divesting the Government Pension Fund from companies unlawfully operating in the Occupied Palestinian Territory has become a defining election issue, Astri Menne Sjoner, Political Adviser at Amnesty International Norway said:
“Human rights are at the heart of this election. Norway’s Government Pension Fund has rightly once again come under intense scrutiny for investments in companies contributing or directly linked to Israel’s genocide against Palestinians in the Gaza Strip and other serious violations of international law.
“While the Fund has taken some welcome steps to address its risk of complicity in violations of international law — including divesting from a limited number of Israeli companies and cutting ties with external asset managers in Israel — many glaring inconsistencies remain. Current investments still fall far short of upholding Norway’s human rights obligations. The criteria for excluding companies must be grounded in international law, not swayed by the politics of the day.”
States must ensure that their sovereign wealth funds are not contributing or have their operations directly linked to Israel’s unlawful occupation, its system of apartheid, or the genocide against Palestinians in the Gaza Strip via their business relationships with investment portfolio companies.
Under international law, as reflected in the Advisory Opinion of the International Court of Justice in July 2024, states are under an obligation to take steps to prevent trade or investment relations that aid or assist in maintaining Israel’s unlawful occupation, including illegal settlements in the Occupied Palestinian Territory.
“Certain companies have long operated in the shadows, reinforcing, normalizing, sustaining and profiting from one of the world’s longest and deadliest military occupations. States and public institutions must immediately act to comply with international law and stop all direct and indirect support for Israel’s genocide against Palestinians in the Gaza Strip, its unlawful occupation in the Palestinian territory, and its cruel system of apartheid against all Palestinians whose rights it controls.
Every hesitation and every delay costs Palestinian lives,”
Astri Menne Sjoner, Political Adviser at Amnesty International Norway.
“Every hesitation and every delay costs Palestinian lives,” Astri Menne Sjoner said.
“Amnesty International Norway is calling on all political parties to make a pledge that, if elected, they will ensure the Norwegian sovereign wealth fund becomes a global leader for human rights-compliant investments starting with taking comprehensive and sustained steps to ensure the disengagement from business activities contributing or linked to Israel’s grave and protracted violations of Palestinians’ rights.”
Background
Norway’s Government Pension Fund Global has become a defining issue of the upcoming general election. The Fund is currently invested in several companies listed in the UN database of businesses involved in the unlawful occupation of the Palestinian territory.
The Oil Fund is the largest of its kind globally, with stakes in approximately 8,500 companies. Its investment decisions have global consequences.
Amnesty Norway is calling for a comprehensive overhaul of the entire ethical framework of the fund, including the ethical guidelines, on which exclusion decisions are based without being in accordance with international law or human right standards, such as the UN Guiding Principles on Business and Human Rights. The campaign #mittoljefond and several revelations on companies in the fund’s portfolio have mobilized public pressure, making the fund’s investments a central election issue.
Recently, the Council on Ethics’ decision to exclude Caterpillar due to concerns about its connection to human rights violations, leading to the Fund’s divestment, came under intense political criticism and attack. This pressure underscores the value and importance of ensuring the integrity of the process and compliance with international law.
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