Norwegian Pension Fund Withdraws Investments from Two Arms Suppliers to ‘israel’
Norway’s leading pension firm has announced its decision to divest from two companies involved in supplying weapons to Israel, citing their use in the ongoing conflict in Gaza.
On Monday, KLP announced it will cease business dealings with the US-based Oshkosh Corporation and Germany’s ThyssenKrupp. The decision stems from their involvement in supplying products to parties engaged in what KLP describes as “systematic breaches of international law.”
Oshkosh Corporation primarily manufactures trucks and military vehicles, whereas ThyssenKrupp offers a diverse array of products that includes everything from elevators and industrial machinery to warships.
In June 2024, KLP was informed by the United Nations that certain companies were identified as supplying weapons or equipment to Israel, with these arms reportedly being used in Gaza, according to Kiran Aziz, KLP’s head of responsible investments.
KLP announced that it had communicated with both entities prior to reaching its decision. Oshkosh confirmed that it has sold and continues to supply equipment used by Israel in Gaza.
KLP announced that ThyssenKrupp has affirmed a longstanding partnership with Israel, having supplied the Israeli navy with four Sa’ar 6 warships between November 2020 and May 2021. The German corporation also indicated its intention to deliver a submarine to the Israeli navy later this year.
KLP has stated that upon inquiry with the two companies regarding the measures they have in place for the use of their equipment, both firms “failed to provide documentation of the necessary due diligence concerning their potential involvement in breaches of humanitarian law.”
KLP has previously divested from companies associated with potential human rights violations, marking a continued stance on ethical investment practices.
In 2021, KLP made the decision to divest from 16 companies, notably including the telecommunications leader Motorola, due to their links with unauthorized Israeli settlements in the occupied West Bank.
Norway’s sovereign wealth fund, with assets estimated at approximately $1.9 trillion, is facing mounting pressure to divest from companies alleged to be complicit in Israel’s military operations in Gaza and its ongoing settlement activities in the West Bank.
