The Norwegian state-owned oil fund, the Oil Fund, makes far more money from the income from the Norwegian shelf. In fact, the fund owns 1.5 percent of all the world's listed shares. This also includes ownership of a number of companies that produce military equipment. But since the turn of the year, the oil fund has sold off shares worth more than three billion Norwegian kroner, when the Council on Ethics for the Norwegian Government Pension Fund International assessed that there was a risk that, among others, the Chinese company Weichai Power (WP) was manufacturing diesel engines for Russian and Belarusian car manufacturers. This is reported by Berlingske.
"The Council on Ethics assesses that there is an unacceptable risk that the cooperation that WP has with companies that produce military vehicles for the authorities in Belarus and Russia contributes to the sale of military equipment to these states. On this basis, the Council recommends that WP be excluded from the State Pension Fund International," the Council on Ethics writes according to Berlingske, referring to the pension fund that constitutes the main part of the Oil Fund's activities.
Since the beginning of 2024, the Oil Fund has therefore dropped three shareholdings in three companies. In addition to WP, there is talk of the American company L3 Harris and the Indian company Adani Ports & Special Economic Zone. The reasons are due to the production of parts for nuclear weapons and uncertainty about whether the latter operates ports in Myanmar, which entails a risk of violation of the rights of individuals in war or conflict situations, the Council on Ethics assesses.
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