OSLO: Norway’s sovereign wealth fund, the world’s largest, has sold all of its shares in Israel’s Paz Retail and Energy because it owns and operates infrastructure for the supply of fuel to Israeli settlements in the occupied West Bank, it said on Sunday.
The divestment is the second after the fund’s ethics watchdog adopted in August a tougher interpretation of ethics standards for businesses that aid Israel’s operations in the occupied Palestinian territories.
The first divestment was from Israeli telecoms firm Bezeq, in December.
The fund, which owns 1.5% of listed shares across 9,000 companies globally, operates under guidelines set by Norway’s parliament and is seen as a leader in the environmental, social and governance field.
It is the latest decision by a European financial entity to cut back links to Israeli companies or those with ties to the country since the outbreak of the war in Gaza in October 2023.