HomeEconomyNorway pension fund drops Caterpillar stake over Israel links

Norway pension fund drops Caterpillar stake over Israel links

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Norway’s largest personal pension fund, KLP, excluded U.S. industrial group Caterpillar from its funding portfolios on Wednesday, citing considerations that the bulldozer maker could also be contributing to human rights abuses within the occupied West Bank and the Gaza Strip.

KLP bought Caterpillar shares and bonds value 728 million kronor ($69 million) earlier than June 17, stated Kiran Aziz, the pinnacle of accountable investments on the Oslo-based fund.

She highlighted that Caterpillar’s gear has been used “to demolish Palestinian homes and infrastructure to clear the way for Israeli settlements” and identified allegations that the Israeli navy is utilizing the gear.

“Since the company cannot provide us with assurances that it is doing anything in this regard, we have decided to exclude the company from investment,” stated Aziz.

Israel has killed almost 37,700 Palestinians and injured about 86,100 since Oct. 7 after the Palestinian group Hamas carried out a cross-border assault towards Israel.

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