Norway’s Leading Union Endorses Israel Boycott Citing Gaza Genocide Concerns
The Norwegian Confederation of Trade Unions (LO), recognized as the nation's largest and most influential labor organization, has sanctioned a comprehensive economic boycott targeting the Israeli government. This move is regarded as a substantial gesture of European labor solidarity in support of Palestine.
The proposal received overwhelming support, with 88 percent of delegates voting in favor, during the LO’s national congress held in Oslo, Norway, from May 8 to 9.
The Palestine Committee of Norway announced that the Labour Organization (LO) is set to implement an economic boycott against Israel. The decision was reached with 240 votes in favor of the boycott and 69 votes opposing it.
The resolution indicates that the Norwegian Confederation of Trade Unions (LO) is now calling on the Norwegian State Pension Fund, along with domestic companies and financial institutions, to withdraw investments from all enterprises associated with Israel and entities connected to its administration.
Hamas praised the decision in an official statement, calling it a “bold move that aligns with truth and justice, marking a victory for the rights of the Palestinian people.”
The group has called on global labor organizations to emulate Norway’s stance by distancing themselves from what it described as a “fascist entity” and by exposing its alleged violations to the international community.
Steinar Krogstad, the deputy leader of the Norwegian Confederation of Trade Unions (LO), announced that the organization is advocating for the country’s $1.8 trillion sovereign wealth fund to withdraw its investments from businesses operating within the occupied Palestinian territories.
He stated that LO’s position is consistent with its overarching principle of refraining from investments in companies that breach international law.
The agenda has reportedly shifted due to recent developments involving Israel’s policies, actions, and the ongoing conflict in Gaza and the West Bank, according to Krogstad.
The organization LO, together with 47 other civil society groups, has addressed a letter to Finance Minister Jens Stoltenberg, advocating for a review of the fund’s investment guidelines to ensure they comply with international legal standards.
The Norwegian sovereign wealth fund, renowned for its commitment to ethical investment strategies, has previously chosen to divest from Bezeq, Israel’s leading telecommunications firm, citing the company’s operations in West Bank settlements as the reason for this decision.
LO’s latest decision reflects a growing trend among European financial institutions reassessing their investments concerning Israeli settlements.
Storebrand Asset Management, a prominent Norwegian investment firm, has withdrawn its financial involvement from Palantir Technologies. This decision comes amid concerns regarding the company’s operations in the Israeli-occupied territories.
Recent developments highlight increasing pressure on financial institutions to steer clear of complicity in breaches of international law.
The International Court of Justice’s ruling last year intensified pressure by deeming Israel’s occupation and settlement activities in Palestinian territories illegal, demanding their immediate halt.
