Norway’s largest pension fund KLP said on Monday it would no longer invest in 16 companies including Alstom and Motorola because of their links to Israeli settlements in the West Bank.
Norway, along with a number of other countries, considers the settlements a breach of international law. A 2020 United Nations report said it had found 112 companies that have operations linked to the region, home to around 650,000 Israelis.
The companies, which include telecoms, banking, energy and construction, all help facilitate Israel’s presence and therefore risk being complicit in breaches of international law, and against KLP’s ethical guidelines, it said in a statement.
“In KLP’s assessment, there is an unacceptable risk that the excluded companies are contributing to the abuse of human rights in situations of war and conflict through their links with the Israeli settlements in the occupied West Bank,” KLP said.
The move by KLP follows a decision by Norway’s sovereign wealth fund in May to exclude two companies linked to construction and real estate in the Palestinian territories.
KLP said it had sold shares in the companies worth 275 million Norwegian crowns ($31.81 million) and as of June had completed the process. In Motorola and Alstom, it had also sold its bond holdings.