Norway's $2 trillion wealth fund was frozen out of major defense companies. That may be about to change
Existing ethical rules mean the fund is not permitted to invest in companies like Lockheed Martin and Boeing.
TL;DR
- Norway's $2.3 trillion oil fund may soon be able to invest in Western defense companies due to proposed changes in ethical guidelines.
- Current rules bar investments in companies involved in nuclear weapons production, such as Lockheed Martin and Boeing.
- A review committee recommends retaining the nuclear weapons criterion but changing its scope to allow investment in companies domiciled in allied nuclear-weapon states.
- The proposals also suggest removing the assessment of whether arms-makers' products are used in accordance with international humanitarian law.
- The changes are intended to address rising geopolitical instability and allow the fund to invest in companies essential for Norway's own defense.
- Human rights groups have expressed concern that the proposed changes could weaken accountability and international stigma against nuclear weapons.
- The proposals will undergo public consultation, with a parliamentary vote expected in mid-2027; until then, current guidelines remain in place.