https://www.declassifieduk.org/why-is-an-ethical-investor-funding-arms-companies

Scandinavian countries are often held up as models for a better society. None more so than Norway, flush with North Sea oil wealth, which it can invest responsibly.

The money is put aside in a sovereign wealth fund, owned by the Norwegian government and managed by the country’s central bank, Norges Bank. It is the largest such fund in the world, worth £1.4 trillion.

Called the Government Pension Fund Global (GPFG), or just the Oil Fund, it is supposed to adhere to ethical guidelines by excluding certain companies from its portfolio.

That’s if they are involved in serious violations of human rights – especially in conflicts – gross corruption, the production of nuclear weapons and more.

However, in outright contradiction to these guidelines, the GPFG invests billions of pounds in many of the world’s largest arms companies. In fact, it owns stakes in exactly half of the world’s top 100 arms companies, accumulating at almost £14 billion. 

This includes arms companies here in the UK that supply Israel – despite Norway recognising the state of Palestine as recently as May 2024 and excluding companies from the GPFG involved in activities violating international law.

So why is Norwegian money finding its way into Britain’s arms industry, which supplies Israel? 

Arming Israel

Among these investments is QinetiQ in which the GPFG holds over £46 million in shares. 

The British defence tech firm has collaborated with the Israeli military to develop the Watchkeeper drone system, a joint project with Israel’s Elbit Systems, a company dropped from the fund in 2009 for supplying surveillance systems for the separation barrier in the West Bank. 

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Article continues at https://www.declassifieduk.org/why-is-an-ethical-investor-funding-arms-companies