The greatest wealth fund in the world, Norway’s $2 trillion, has sold off its stake in US construction equipment major Caterpillar because to the company’s alleged involvement in Israeli rights abuses in Gaza and the occupied West Bank.
Caterpillar was kicked out of the fund it oversees, the Norwegian central bank announced Monday, “because of an unacceptable risk that the companies contribute to serious violations of individuals’ rights in situations of war and conflict. On the advice of its ethics council, the fund also declared that it had sold off five Israeli banks.
The ethics committee claimed in a statement that “Israeli authorities are using Caterpillar-made bulldozers in the widespread unlawful destruction of Palestinian property.
The council stated that there is no question that Caterpillar’s products are being used to carry out widespread and organized transgressions of international humanitarian law. It further stated that Israeli authorities had “not implemented any measures to prevent such use” by Caterpillar.
According to fund records, the fund owned a 1.17 percent position in Caterpillar prior to its divestiture, which was worth $2.1 billion as of June 30. Hapoalim, Bank Leumi, Mizrahi Tefahot Bank, First International Bank of Israel, and FIBI Holdings were the five banks listed in the fund’s announcement.
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