Norway’s Oil Fund: Ethics Rules Suspended to Avoid Big Tech Divestment
Norway has temporarily suspended its ethical investing rules, according to Finance Minister Jens Stoltenberg, to prevent its $2.1 trillion oil fund from being forced to divest from major tech companies like Amazon, Microsoft, and Alphabet due to their work for the Israeli government. The decision follows US concerns and the fund’s prior divestment from Caterpillar. Stoltenberg expressed worries that such divestments could undermine the fund’s diversified investment strategy and its importance to Norway’s budget, especially as the ethics council was set to review the tech companies and others on a UN blacklist. The move, supported by opposition parties, has drawn criticism from left-wing politicians who believe it prioritizes large corporations and US interests over ethical considerations.
John Q. Hosedrinker