Norwegian Fund May Reassess Arms Investment
The article discusses a proposal to resume allowing Norway's Sovereign Wealth Fund, the largest in the world with assets exceeding $2.2 trillion, to invest in nuclear weapons manufacturers. This aims to strike a balance between ethical considerations and national security. Currently, the fund’s rules prohibit investment in 14 companies involved in the development or production of nuclear weapons, including major corporations such as Airbus, BAE Systems, Boeing, Lockheed Martin, and Safran. The proposal was put forward by a committee led by Norway’s former central bank governor after a comprehensive review. It recommends re-allowing investments in nuclear weapons companies that are based in countries possessing nuclear arsenals and are allies of Norway—such as those in line with the Non-Proliferation Treaty. The committee also suggested amendments to the ethics council to strengthen risk assessments, while maintaining exclusion criteria for companies involved in chemical, biological weapons, and landmines. The recommendations are intended to inform a forthcoming political decision in the spring after extensive consultations. The proposal comes amid rising tensions with Russia and China over nuclear weapons use and has faced criticism from some political parties in Norway.
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