The Norwegian sovereign fund is disengaging from the American company Caterpillar and Israeli banks for violations of rights in Palestine

The largest sovereign fund in the world, that of Norway, announced on Monday that it has excluded the American company Caterpillar from its portfolio, as well as five Israeli banks, due to their alleged involvement in serious human rights violations in occupied Palestine. The fund’s ethics council considers that the Bulldozers Caterpillar are used by the Israeli army to illegally destroy Palestinian dwellings and infrastructure in Gaza and the West Bank. The banks concerned – Hapoalim, Leumi, Mizrahi Tefahot, First International Bank of Israel and Fibi Holdings – are accused of funding the construction and maintenance of Israeli colonies deemed illegal by international law.

The Norwegian fund, with more than $ 2,000 billion and invested in 8,400 companies around the world, still recently held 1.17 % of Caterpillar, for a value of 2.1 billion dollars. His participations in Israeli banks represented around $ 661 million. This decision comes a few weeks after the International Court of Justice recalled that the Israeli colonies constitute a violation of international law and must cease “as quickly as possible”.

Oslo’s initiative contrasts with the attitude of many Western powers that are satisfied with verbal condemnations without a future, refusing to initiate the slightest economic sanction in the face of the crimes committed against the Palestinian people. By breaking with economic actors involved in occupation and colonization, Norway proves that it is possible to combine moral responsibility and political courage. A rare gesture that gives meaning to ethics in a world too often guided by financial interests alone.