World's top wealth fund excludes Israeli firm over West Bank settlement support

Norway's sovereign wealth fund has removed the Israeli company Paz Retail and Energy from its portfolio for supplying fuel to illegal Jewish settlements in the occupied West Bank. Norway's sovereign wealth fund, the world's largest with assets of around $1.8 trillion, has excluded an Israeli group on ethics grounds because it supplies fuel to illegal settlements in occupied Palestinian territory. The Norwegian central bank, which manages the fund, said late on Sunday that it had divested its holdings in Israeli group Paz Retail and Energy. Paz owns and operates filling stations in nine illegal Jewish settlements in the occupied West Bank, thereby supplying them with fuel, according to the bank's Council on Ethics, an advisory body that provides investment guidance for the fund. Several of the settlements have been built "far inside occupied Palestinian territory and are linked to Israel by dedicated access roads" the Council said. It said that by operating the infrastructure, Paz was "contributing to (the settlements') perpetuation", leading to an "unacceptable risk that the company contributes to serious violations of the rights of individuals in war or conflict". It noted that the settlements were established in violation of international law, and "the Council therefore considers that Paz is contributing to the violation of international law". Sale of holdings At the end of December 2024, the Norwegian fund owned 0.49 percent of the company's shares, then worth 72.8 million kroner ($7 million). Norway's central bank announces its divestment decisions only after the sale of its holdings. The fund, which invests the Norwegian state's oil and gas revenues, is the world's biggest single investor. It has stakes in nearly 8,800 companies in 71 countries, representing 1.5 percent of the world's total market capitalisation.