Press Release: Norwegian committee proposes opening world's largest sovereign wealth fund to nuclear weapons investments
"At a time when hospitals, schools and homes are being bombed from Sudan to Gaza and Ukraine, a government-appointed committee is suggesting that Norway should allow nuclear weapons into one of the world's largest investment funds. Now politicians must make clear that they believe in a different course," said Raymond Johansen, Secretary General of Norwegian People's Aid.
Thursday morning, the government-appointed Gjedrem Committee presented their report proposing that Norway’s sovereign wealth fund should open to invest in companies involved in the production of nuclear weapons components, while also weakening the role of the independent ethics watchdog that oversees the fund.
"This is a proposal to weaken ethical safeguards when we need strong ethical standards," said Johansen.
Norwegian People's Aid, one of the world's largest humanitarian land mine clearance and disarmament organisations, has for years advocated for the fund to divest from companies that contribute to violations of international law and human rights abuse, especially companies connected to the arms industry and conflict-affected areas, including Israel’s illegal occupation of Palestinian territory.
Nuclear weapons are not an investment opportunity
For more than two decades, Norway’s sovereign wealth fund has excluded companies involved in the production of nuclear weapons. The committee now proposes lifting that exclusion for companies connected to the nuclear arsenals of Norway's NATO allies, including the United States, the United Kingdom and France. The committee argues that these weapons contribute to Norway’s security through NATO’s nuclear deterrence.
"Anyone who sees nuclear weapons as an investment opportunity is underestimating the risks," said Johansen.
"It only takes one leader making a catastrophic decision, or one AI system that gains access to critical command systems, for a humanitarian disaster to become reality. That is not something we should profit from. It is something we should do everything we could possibly do to prevent."
Ethics with exceptions for allies
Norway is committed under the Treaty on the Non-Proliferation of Nuclear Weapons to work for a world free of nuclear weapons. The same objective is reflected in NATO’s Strategic Concept.
"Creating one set of ethical standards for allied nuclear weapons and another for everyone else brings security policy directly into the management of the fund. This would truly politicise the fund. And today's allies are not necessarily tomorrow's allies."
The committee recommends that Norway's treaty obligations should determine which industries are excluded from investment. As a result, existing exclusions on anti-personnel landmines and cluster munitions would remain in place because Norway is party to treaties prohibiting those weapons.
At the same time, the committee proposes waiting for an international agreement before considering exclusions related to autonomous weapons systems, often referred to as "killer robots".
"Killer robots are being developed now, and investments are being made now. We cannot wait for a future treaty before deciding that this is a technology we should not invest in," Johansen continued.
Weaker protections against serious human rights abuses
Today, the Fund's Council on Ethics publicly recommends which companies should be excluded from the fund, while Norges Bank (the central bank of Norway) makes the final decision.
The committee proposes reducing the Council's role to assessing risk, without recommending action. It would also make it possible to keep assessments confidential. Norges Bank would in most cases prioritise dialogue with companies, and some large companies could remain in the portfolio even if they breach ethical standards.
"Dialogue with companies is important, but there must also be consequences," said Johansen.
The sovereign wealth fund currently holds investments in 51 companies that contribute to maintaining Israel's illegal occupation of Palestinian territory. Nine of these companies appear on the United Nations database of businesses linked to illegal Israeli settlements.
The debate is only starting
The proposal will now be subject to public consultation before being presented to the Norwegian Parliament.
Recent polling suggests that seven in ten Norwegians would accept somewhat lower returns if it meant that the fund avoided contributing to human rights abuses.
Notes for editors
What is Norway's Sovereign Wealth Fund?
Norway's Government Pension Fund Global, often referred to as the Norwegian sovereign wealth fund or "oil fund", is the world's largest sovereign wealth fund, with investments in thousands of companies across global markets. Because of its size and ownership stakes, changes to its ethical investment guidelines are closely watched internationally and often set standards for other institutional investors.
About Norwegian People's Aid's advocacy work
Norwegian People's Aid is a politically independent humanitarian and solidarity organisation working in over 30 countries. We are one of the world's largest land mine clearance and disarmament organisations. We also work with local civil society partners world-wide to promote human rights, democracy, inclusion, and carry out humanitarian activities in areas of conflict and war.
We have a range of experts working on policy relating to responsible investment, arms-related exclusions and the ethical framework governing Norway's sovereign wealth fund. We have contributed to international efforts to ban landmines and cluster munitions, advocated for the UN Treaty on the Prohibition of Nuclear Weapons, documented the humanitarian consequences of nuclear weapons and testing.
Norwegian People's Aid is also a partner of two Nobel Peace Prize-winning campaigns: The International Campaign to Ban Landmines and The International Campaign to Abolish Nuclear Weapons (ICAN).
Available for comment
Norwegian People's Aid's Secretary General, Raymond Johansen, and arms policy experts are available for comment.
Please contact Communications Adviser Ingvild Vetrhus: Tel +4799021936 Email: ingvet298@npaid.org
