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U.S. ‘Very Troubled’ by Norway Wealth Fund’s Divestment From Caterpillar
Norway's $2 trillion sovereign wealth fund exited Caterpillar due to ethical concerns over its equipment's role in alleged international humanitarian law violations in Palestinian territories.
- On Wednesday, the U.S. State Department said it is `very troubled` and engaging directly with Norway's government after Norges Bank Investment Management divested from Caterpillar last week over its use in the Gaza Strip and the West Bank.
- NBIM's ethics watchdog concluded Caterpillar's products were used in systematic humanitarian law violations, while Norges Bank's Executive Board independently excludes companies under the Oil Fund's mandate to prioritize returns and avoid political activism.
- NBIM, which manages more than $1.6 trillion including nearly $1 trillion in U.S. assets, held 61 Israeli equities at June's end but now has six and plans to end contracts with external asset managers in Israel soon.
- Senators including Dave McCormick urged tariffs, sanctions and visa restrictions in response to NBIM's decision, while Sen. Lindsey Graham called the divestment 'shortsighted' and proposed retaliation last week.
- Observers note that Norway's September 8 election could turbocharge divestment pressure, with analysts warning Norges' decisions influence global investment trends and the U.S.-Norway relationship.
13 Articles
13 Articles
Norway Wealth Fund Divestment Draws GOP Senator McCormick’s Ire
Senator Dave McCormick, an ally of President Donald Trump, urged the White House to consider tariffs and restricting Norway’s access to US markets in response to the Norwegian sovereign wealth fund’s decision to divest from Texas-based Caterpillar Inc.
Norway is selling shares of the US company Caterpillar because of human rights concerns. The move is causing displeasure in the US, while Israel is planning to build new settlements.
McCormick takes on Norwegian fund’s Israel divestment
Good Friday morning. In today’sDaily Kickoff, we report on the campus climate atColumbia, where classes resumed for the fall semester this week, as well as theuniversity’s hiring of an assistant deanwho backed the Palestinian “indigenous resistance movement confronting settler colonialism, apartheid, and ethnic cleansing.” We report on Rep.Ro Khanna’s upcoming appearance at a conference that features an array of antisemitic speakers, and cover S…
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