Norway weighs if its $2.3tn oil fund can drop Big Tech on ethics (opens the source in a new tab)
- An FT column says Norway is drafting proposals on how its oil fund should handle ethics, after its exit from Caterpillar over links to Israel's alleged violations angered US politicians close to President Trump.
- An expert group suggested allowing investment in nuclear-weapons makers in the US, UK and France, and weighing diversification before any exclusion. Central bank research found dropping Alphabet, Amazon, Meta and Microsoft would have cut returns by about a quarter from 2012 to 2025.
- Critics say that gives the biggest firms a lower ethical bar. A government proposal is due in spring, with a parliamentary debate next summer.
- $2.3tn
- fund assets
Why it matters Many investors copy the fund's exclusion lists, so if Norway decides some firms are too big to drop, ethical investing elsewhere may quietly shift too.
Other side Supporters argue it is consistent: Norway relies on NATO's nuclear umbrella, and a fund held for future generations cannot ignore what exclusions cost it.