Tue Aug 26 04:51:43 UTC 2025: Here’s a summary and a news article based on the provided text:
**Summary:**
Norway’s sovereign wealth fund, the world’s largest, has divested from US construction giant Caterpillar and five Israeli banks due to ethical concerns. The fund believes Caterpillar’s equipment is used in the unlawful destruction of Palestinian property by Israeli authorities in Gaza and the occupied West Bank. Similarly, the fund cites the banks’ financing of construction in illegal Israeli settlements as a violation of international law. The decision follows an ethics review of companies involved in the war in Gaza and the situation in the occupied West Bank.
**News Article:**
**Norway’s $2 Trillion Wealth Fund Divests from Caterpillar, Israeli Banks Over Rights Concerns**
**OSLO, NORWAY** – Norway’s sovereign wealth fund, the world’s largest with $2 trillion in assets, announced Monday it has divested from US construction equipment manufacturer Caterpillar and five Israeli banks over concerns that these entities contribute to human rights violations in war and conflict zones.
The decision, managed by the Norwegian central bank, excludes Caterpillar due to what it calls an “unacceptable risk” that the company’s equipment is used by Israeli authorities in the “widespread unlawful destruction of Palestinian property” in Gaza and the occupied West Bank. The fund’s ethics council stated that Caterpillar has failed to implement measures to prevent such use of its products. The fund held a 1.17% stake in Caterpillar, valued at $2.1 billion as of June 30.
The fund also divested from five Israeli banks – Hapoalim, Bank Leumi, Mizrahi Tefahot Bank, First International Bank of Israel, and FIBI Holdings – citing their financial support for the construction and maintenance of Israeli settlements in the occupied West Bank, including East Jerusalem. The ethics council argues that these settlements violate international law, a stance supported by a recent ruling from the International Court of Justice (ICJ) calling for the settlements to end.
The fund’s stakes in the five Israeli banks were valued at a combined $661 million, according to fund data.
The move comes after the fund announced on August 18th its intent to divest from six companies as part of an ongoing ethics review related to the war in Gaza and the situation in the occupied West Bank. The fund, which is invested in approximately 8,400 companies globally, had declined to name the companies until the divestment process was complete.
Caterpillar, Hapoalim, First International Bank of Israel, and Bank Leumi have not immediately responded to requests for comment.
The divestment underscores growing international scrutiny of businesses and financial institutions perceived to be supporting activities that violate international law and human rights in the Israeli-Palestinian conflict. Last week, 21 countries condemned Israel’s plans to build an illegal settlement on a 12 sq km tract of land east of Jerusalem known as “East 1” or “E1”.
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