August 26, 2025 | 06:20 pm
TEMPO.CO, Jakarta - The Norwegian wealth fund on Monday, August 25, 2025, declared that it has divested from the U.S. construction equipment group, Caterpillar, and five Israeli banking groups based on ethical grounds, as reported by The National.
The Council of Ethics, which monitors the fund, said "there is no doubt that Caterpillar's products are being used to commit extensive and systematic violations of international humanitarian law."
The violations occurred in Gaza and the West Bank, the board said, adding that the company "has also not implemented any measures to prevent such use."
In a statement, the council mentioned that "bulldozers manufactured by Caterpillar are being used by Israeli authorities in the widespread unlawful destruction of Palestinian property."
"As deliveries of the relevant machinery to Israel are now set to resume, the council considers there to be an unacceptable risk that Caterpillar is contributing to serious violations of individuals’ rights in war or conflict situations," the statement asserted.
Driven by Norway's substantial energy revenue, the fund is the world's largest, with a value of nearly US$2 trillion and investments in over 8,600 companies worldwide.
The fund held 1.2 percent of Caterpillar's shares, worth 24.4 billion krone, until the end of last year, as reported by France24.
Caterpillar did not immediately respond to a request for comment.
International Law Violations
Meanwhile, the five banks from which investments were withdrawn are Hapoalim, Bank Leumi, Mizrahi Tefahot Bank, First International Bank of Israel, and FIBI Holdings, as stated by the institution as reported by The Jerusalem Post. Combined, these five banks have a value of up to US$661 million.
"The five banks were excluded due to an unacceptable risk that the companies contribute to serious violations of the rights of individuals in situations of war and conflict," stated the institution, which is operated by the Norwegian central bank.
Earlier this month, the institution declared it would divest from 11 Israeli companies following reports that they had invested in an Israeli jet engine manufacturer, even as Israel's genocidal actions in Gaza raged.
This disclosure prompted Norwegian Prime Minister Jonas Gahr Store to request a review by the Finance Minister and former NATO Secretary General Jens Stoltenberg.
On August 18, they announced divestment from six companies as part of a sustainable ethical review of the war in Gaza and developments in the West Bank. However, at the time, the institution refused to name any groups until its shares were sold.
The fund's supervisory body initially scrutinized the practices of Israeli banks in guaranteeing settlement construction in the area.
Last year, the International Court of Justice (ICJ) ruled that Israeli settlements built on Palestinian territory seized in 1967 must cease "forthwith," as these settlements were built and maintained "in violation of international law."
Last week, 21 countries signed a joint statement condemning Israel's plans to build illegal settlements on a 12-square-kilometer tract of land to the east of Jerusalem known as "Area E1."
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