Norwegian Fund Supports Defense Investments
A report indicates that the Norwegian sovereign wealth fund, the largest in the world at $2.3 trillion, is nearing a revision of its ethical guidelines to allow investment in Western defense companies. This comes after years of excluding sectors involving nuclear weapon manufacturing and other industries related to human rights. The proposed changes would permit the re-inclusion of companies like Germany's Rheinmetall and Italy's Leonardo, which produce components for nuclear weapons, along with adjustments to exclusion criteria for companies linked to these weapons—especially if they are registered in nuclear-armed countries that comply with the Non-Proliferation Treaty. This development occurs amid rising geopolitical tensions and international conflicts. The report emphasizes that the fund’s size and influence give it a greater opportunity to invest in defense firms, despite increasing risks of reactions from other nations, which may view these decisions as unethical or as confrontational policies. Norway is expected to open the proposed revisions for public consultation early next year, with parliamentary votes scheduled for mid-2027; until then, the current guidelines will remain temporarily in effect.
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