Norway's most influential trade union has called for the country’s $1.8 trillion sovereign wealth fund to withdraw investments from companies involved in activities supporting Israel in the occupied Palestinian territories.
The demand comes as part of an intensifying divestment campaign aimed at aligning national financial practices with international law and human rights.
The Norwegian Confederation of Trade Unions (LO), the largest labor organization in the country and a key ally of the ruling Labour Party, has a long history of influencing public policy beyond traditional labor issues. Its latest stance increases pressure on the government to take a firmer position regarding corporate complicity in the Israeli occupation.
Speaking at a union conference where the Palestinian flag was raised alongside those of the United Nations and Norway, LO Deputy Leader Steinar Krogstad stated that companies operating in the occupied territories should no longer benefit from the fund's investments.
He noted that the fund's general policy prohibits investing in entities that violate international law, and that companies supporting Israeli operations in these areas clearly fall under that category.
The union's demand has gained urgency amid Israel’s ongoing military operations in Gaza and the West Bank, which have drawn widespread international condemnation.
Krogstad noted that these developments have pushed the issue higher on the political agenda, calling for stronger ethical guidelines in managing the world’s largest sovereign wealth fund.
The Israeli embassy in Oslo has not responded to requests for comment.
The call for divestment follows a 2023 ruling by the United Nations’ top court, which declared Israel’s presence in the Palestinian territories and its settlement activities illegal under international law. The ruling urged Israel to withdraw as soon as possible, a directive that Israeli officials rejected, labeling the decision fundamentally flawed and biased.
On April 10, the Norwegian Confederation of Trade Unions, along with 47 other civil society organizations, sent a formal letter to Finance Minister Jens Stoltenberg urging immediate action. The coalition seeks to ensure that Norway’s investment practices do not support violations of international norms.
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