Norway's Parliament is set to reject calls for its colossal $1.8 trillion wealth fund to implement a widespread boycott of companies operating in the "occupied Palestinian territories", Reuters reported on Tuesday.
According to the report, a majority within the parliamentary finance committee has determined that only firms directly linked to violations of international law should face exclusion from the fund's portfolio, rather than a broad divestment from all companies with a presence in these areas.
This decision comes amidst mounting pressure on the fund to divest from Israeli companies and all firms active in Judea, Samaria and the Gaza Strip, a movement amplified since the onset of the Gaza conflict. Such a comprehensive boycott would necessitate the sale of billions in holdings from prominent Western brands.
The International Court of Justice's ruling last year, deeming Israel's presence in Judea and Samaria illegal, has fueled campaigner demands. These groups urged Norway to mirror its 2022 action against Russia, when the fund was instructed to divest all Russian holdings days after the invasion of Ukraine.
However, the parliamentary finance committee's stance signals a rejection of a blanket ban on Israeli companies or multinational corporations whose products and services are available in the "occupied Palestinian territories."
A source familiar with the committee's decision clarified, "If a company sells a generic product, which Israeli settlers buy, then this should not be sufficient to sell the fund out of the company." The source added, "But if we are speaking of specific products for, say, surveillance that are made specifically for the needs of Israeli settlers, then that is something completely different."
The fund, guided by ethical principles set by the Norwegian parliament, has already blacklisted 11 companies for assisting Israel's "occupation," most recently Israeli petrol station chain Paz and Israeli telecommunications company Bezeq.
As of late last year, the fund had just over $2 billion invested in 65 Israeli companies, representing 0.1% of its total portfolio.
Norway, together with Ireland and Spain announced last May that they intended to recognize the “State of Palestine”.
The announcement came after Ireland, Spain, Slovenia and Malta announced that they would jointly work toward the recognition of a Palestinian state, arguing a two-state solution is essential for lasting peace in the region.
In February, Norway nominated the UN “Palestinian refugee agency” UNRWA for the Nobel Peace Prize, despite the fact that around 10% of UNRWA employees are affiliated with terror groups.
That same month, Norway announced additional funding for UNRWA.
