Norwegian pension fund divests from two companies supplying weapons to Israel

Norway’s largest pension company says it has divested from two firms selling weapons to the Israeli regime, which uses them in the Gaza war. 

KLP said on Monday it will no longer do business with the US-based Oshkosh Corporation and the German-based ThyssenKrupp due to their sale of products to “entities” that use them in “systematic breaches of international law.”

Oshkosh Corporation mostly produces trucks and military vehicles, while ThyssenKrupp makes a broad selection of products, ranging from elevators and industrial machinery to warships.

“In June 2024, KLP learned of reports from the UN that several named companies were supplying weapons or equipment to [Israel] and that these weapons are being used in Gaza,” said Kiran Aziz, the head of responsible investments at KLP.

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KLP said that it had been in touch with both companies before it made its decision and that Oshkosh “confirmed that it has sold, and continues to sell, equipment that is used by [Israel] in Gaza.”

KLP added that ThyssenKrupp confirmed “it has a long-term relationship with [Israel]” and had delivered four warships of the type Sa’ar 6 to the Israeli navy in the period November 2020 to May 2021. The German company also said it had plans to deliver a submarine to the Israeli navy later this year.

KLP said when it asked the two companies what checks and balances they made when it came to the use of their equipment, both “failed to document the necessary due diligence in relation to their potential complicity in violations of humanitarian law.”

This is not the first time that KLP has divested from companies linked to possible human rights violations.

In 2021, KLP divested from 16 companies, including telecom giant Motorola, because of their connection to illegal Israeli settlements in the occupied West Bank.

Norway’s sovereign wealth fund, whose assets are valued at around $1.9 trillion, is also under pressure to divest from groups accused of helping Israel wage its war in Gaza and continue its settlement policy in the West Bank.

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