Norway's sovereign wealth fund, valued near $2 trillion, held investments in over 8,600 companies and owned a 1.2 percent stake in Caterpillar valued at 24.4 billion krone. The Norwegian central bank excluded Caterpillar after concluding the company posed an unacceptable risk of contributing to serious violations of individuals' rights in war and conflict. The fund's ethics council reported that Caterpillar bulldozers are being used by Israeli authorities in widespread unlawful destruction of Palestinian property and that the company had not implemented measures to prevent such use. The fund also withdrew from five Israeli banks over financing illegal West Bank settlements and began selling other Israeli holdings, prompting a government review.
The fund had held a 1.2 percent stake in Caterpillar, valued at 24.4 billion krone ($2.4 billion), as of the end of last year. The Norwegian central bank, which manages the fund, said it had decided to exclude Caterpillar as it posed "an unacceptable risk... to serious violations of the rights of individuals in situations of war and conflict". The fund said it had based its decision on a recommendation by its council on ethics.
In a statement, the council said that "bulldozers manufactured by Caterpillar are being used by Israeli authorities in the widespread unlawful destruction of Palestinian property". "There is no doubt that Caterpillar's products are being used to commit extensive and systematic violations of international humanitarian law," the body said. It added that the company had "not implemented any measures to prevent such use". AFP has contacted Caterpillar for comment.
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