Norway’s parliament has voted to freeze the ethical divestment policy of its €2 trillion sovereign wealth fund, pending a full review. The move suspends the practice of excluding companies over environmental or human-rights concerns—a policy that currently affects 114 firms and can shift global markets. The decision follows tensions with Washington after the fund sold shares in Caterpillar, whose equipment was used by Israeli forces in Gaza. Finance Minister Jens Stoltenberg warned that Norway’s broad guidelines could even bar investment in American tech giants like Apple, Microsoft, and Nvidia. With a border shared with Russia, Oslo is wary of straining ties with a possible Trump administration. Critics note that while Norway earned €86 billion in extra gas revenues since 2022, it has given only about €30 billion in aid to Ukraine—an imbalance they argue could be corrected to show true ethical commitment.
