Letter to the Minister of Finance: The Government Pension Fund Global and Investments in Activities that Violate International Law

Dear Minister of Finance Jens Stoltenberg,

We wish to express our deep concern that the Government Pension Fund Global (the Oil Fund) is one of the largest investors in companies that contribute to the illegal occupation and other violations of international law in the occupied Palestinian territory. We therefore urge the Finance Minister to take the necessary steps to ensure that Norway’s investments do not contribute to breaches of international law.

Norway has a duty to prevent such violations of international law. This was made clear in the advisory opinion from the International Court of Justice (ICJ) in July 2024. In the ICJ’s opinion and the subsequent resolution adopted by the UN General Assembly, it was emphasized that states must take steps to counter trade and investment that may contribute to the illegal occupation and other breaches of international law in the occupied Palestinian territory.

The Oil Fund’s investments in companies linked to the illegal occupation and other international law violations in the occupied Palestinian territory are in breach of Norway’s obligations under international law.

It is deeply problematic that Norway operates with double standards. The state demands that private funds avoid investments linked to the illegal occupation and other violations of international law, and expects them to act in accordance with the UN Guiding Principles on Business and Human Rights (UNGP) and the OECD Guidelines for Multinational Enterprises. At the same time, Norges Bank claims it is not bound by the same principles. This creates an untenable situation where the state imposes stricter requirements on private actors than on itself through the Oil Fund.

The Council on Ethics for Norges Bank has, both in a letter to the Ministry of Finance in August 2024 and in its latest annual report, pointed out that it only adheres to the Guidelines for Observation and Exclusion, and not to international law more broadly. As a result, there is too great a risk that the Oil Fund’s investments contribute to serious violations of international law in the occupied Palestinian territory.

We therefore urge the Minister of Finance to:

1. Instruct Norges Bank to divest from all companies where there is an unacceptable risk of contributing to violations of international law in the occupied Palestinian territory.

2. Take the initiative to revise the Guidelines for Observation and Exclusion for the Oil Fund, so that they are brought into alignment with international law.

We look forward to your response and follow-up, and are available for further dialogue on how Norway can ensure that the Oil Fund’s investments comply with Norway’s obligations under international law.

Sincerely,

Landsorganisasjonen i Norge (LO), Amnesty International Norge, Redd Barna, Mellomkirkelig råd, Fagforbundet, HK Norge, Framtiden i våre hender, FO - Fellesorganisasjonen, Kirkens Nødhjelp, Norsk Folkehjelp, Fellesutvalget for Palestina, NTL- Norsk Tjenestemannslag, Etisk handel Norge, Islamsk Råd Norge, Plan International Norge, Palestinakomiteen i Norge, KFUK-KFUM, Latin-Amerikagruppene i Norge, Det Norske Studentersamfund, Aksjonsgruppa for Palestina, Spire, Changemaker, SAIH, KFUK-KFUM Norge, Nettverk for Samfunnsansvar 2.0, LO i Oslo, Stiftelsen Erkeengler, Attac Norge, Fellesforbundet avd. 850, Oslo grafiske Fagforening, Sabeel Kairos Norge, URO, Forsvar folkeretten, Rettspolitisk forening, Oslo Solidarity, Tech mot Folkemord, LO i Trondheim og omegn, NTL ved OsloMet, CENTRAL JAMAAT-E AHL-E SUNNAT NORGE (CJAS), Internasjonal kvinneliga for fred og frihet (IKFF), Minotenk, Foreningen Ikke kontroversielt, Atlas-alliansen, Dråpen i Havet, Raftostiftelsen, ICJ-Norge, LIN- Likestilling, Inkludering og Nettverk