Norway Fund Urged by Largest Union to Divest from Companies Aiding ’Israel’ Amid Gaza Genocide

By Staff, Agencies

Norway’s largest trade union has urged the Scandinavian country’s sovereign wealth fund to divest from companies aiding the "Israeli" entity, which has been waging a genocidal war on the besieged Gaza Strip since 2023.

The Norwegian Confederation of Trade Unions (LO) called on the country's $1.8 trillion sovereign wealth fund on Monday to divest from firms operating in "Israel's" occupied Palestinian territories.

“We want the fund to pull out of the companies that have activities in the occupied Palestinian territories,” Steinar Krogstad, deputy leader at LO, said in an interview, speaking on the margins of the union’s congress, where the Palestinian flag flew alongside those of the United Nations and Norway.

LO, which is closely aligned with the ruling Labour Party, argues that such investments may implicate Norway in violations of international law, with Krogstad emphasizing that the urgency of this issue is in light of "Israel's" recent military aggression in Gaza and the occupied West Bank.

He also stressed that under LO’s general policy, Norway's sovereign wealth fund, which is the world's largest, should not invest in companies that violate international law.

“This question is more on the agenda now ... because of 'Israel's' policy, attacks and war in Gaza and in the West Bank,” Krogstad said.

LO, along with 47 other civil society organizations, has also sent a letter to Finance Minister Jens Stoltenberg, urging a reassessment of the fund's investment guidelines to ensure alignment with international legal standards.