Norway divested from an American company because Israel uses it
Norway’s sovereign wealth fund divested from the American company Caterpillar last week because it does business with Israel.
The $2 trillion fund, managed by Norway’s central bank, held a 1.17% stake in Caterpillar valued at $2.1 billion as of late June, according to Reuters. But the fund’s ethics watchdog, Council of Ethics, said that bulldozers manufactured by Caterpillar "were being used by Israeli authorities in the widespread unlawful destruction of Palestinian property.” The watchdog seemed to have no issue with the fact that the bulldozers are also used to demolish Jewish homes in Judea and Samaria to appease the country’s Left-wing factions. However, these demolitions—in locations like Tzur Harel, Amona, and others—go unreported by international media.
“In the council's assessment, there is no doubt that Caterpillar's products are being used to commit extensive and systematic violations of international humanitarian law,” the Council of Ethics said.
Norway’s fund has invested in over 8,400 companies and owns roughly 1.5% of global stock.
A ‘BS decision’
Sen. Lindsay Graham (R-SC) slammed Norway’s wealth fund over its “BS” decision.
“To Norway’s sovereign wealth fund –which is the largest in the world: Your decision to punish Caterpillar, an American company, because Israel uses their product is beyond offensive,” Graham wrote in an August 27th post on X. “Your BS decision will not go unanswered.”
A day later, Graham appeared to threaten Norwegian officials with tariffs and visa revocations.
“To those who run Norway’s sovereign wealth fund: if you cannot do business with Caterpillar because Israel uses their products, maybe it’s time you’re made aware that doing business or visiting America is a privilege, not a right,” he posted. “Maybe it’s time to put tariffs on countries who refuse to do business with great American companies.
“Or maybe we shouldn’t give visas to individuals who run organizations that attempt to punish American companies for geopolitical differences. I would urge you to reconsider your shortsighted decision.”
Norwegian State Secretary Kristoffer Thoner told Reuters that Prime Minister Jonas Gahr Støre reached out to Graham in a text message explaining that “the decision to exclude companies is an independent decision made by the board of Norges Bank, in accordance with the established framework.”
“This is not a political decision,” Thoner claimed, saying that Graham confirmed he had received the message.
The fund has also divested from five Israeli banks over Israel’s war against Hamas.
