Norway panel urges opening wealth fund to nuclear arms makers
A government commission proposed a NATO-linked exception to the fund’s nuclear-weapons exclusions and changes to its ethics oversight.
Key takeaways
- A commission recommended an exception for some nuclear weapons makers based in allied countries.
- The proposal would change the Ethics Council’s role and leave disclosure decisions to the fund’s manager.
- The report will undergo public consultation before the government presents its assessment to parliament.
A Norwegian government-appointed commission has recommended allowing the country’s sovereign wealth fund to invest in some defense companies involved in nuclear weapons production. The fund manages more than $2.3 trillion, according to Il Sole 24 Ore.
The proposed exception would cover companies based in a nuclear-armed state recognized under the Non-Proliferation Treaty and allied with Norway in NATO. Airbus, Boeing and Lockheed Martin are among firms excluded under the current rules.
The recommendation does not change the rules by itself. The report will undergo public consultation until Jan. 15, and the government plans to present its assessment to parliament next spring, Euronews reported.
The commission also proposed changing the independent Ethics Council’s role. It would continue assessing companies’ risks, but would no longer directly recommend exclusions; the central bank, which manages the fund, would decide on sales and whether to publish the reasons, according to Der Spiegel.
Other exclusions, including companies involved in biological and chemical weapons, landmines and cluster bombs, would remain, the commission said. Norwegian Red Cross chief Grete Herlofson criticized the proposal, saying investment in such weapons could signal that they are acceptable and endanger lives.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
