Keeping the cash flowing: Norway's parliament decides against removing funds from Israeli companies tied to disputes
Legislature rebuffs proposal to discontinue financial support for Israeli businesses
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Turns out, Norway's parliament didn't go for a Netflix-and-divest move. On a wild Wednesday, they rejected a proposition to pull the Norwegian state fund's cash from Israeli companies accused of aiding "war crimes" and the "illegal occupation" of the West Bank. The vote count? 88 lawmakers said nah while 16 said yasss.
So, what does this mean? Well, the Norwegian government still faces loads of pressure to wield its financial might and shake up the Israeli policy in the Gaza Strip and the West Bank. A gang of 50 non-governmental organizations and Norway's biggest trade union, LO, penned a letter demanding the government aligns the fund's investments with Norway's legal obligations.
But, wait a minute! The UN special rapporteur for occupied Palestinian territories, Francesca Albanese, swooped in on May 20, urging Norway to ditch any firms tied to Israel's naughty antics in the occupied territories. According to her, the Norwegian state fund has pumped $121.5 billion - roughly 6.9% of its total volume - into those companies.
Now, you'd think Norway's finance minister, Jens Stoltenberg, would be all, "Uh oh, look what we've done!" But, he kept his cool and just asked for peace in the Middle East. Funny thing is, ol' Jens mentioned that the Norwegian state fund's investments won't step on any international law obligations. With a fund size of $1.65 trillion, it's all about following ethical guidelines and kicking out 11 companies for their West Bank shenanigans.
Relations between Norway and Israel have been a rollercoaster ride since May 2024. That's when Norway, along with Spain and Ireland, threw a party and recognized a Palestinian state. So, with this latest vote, it seems like things ain't gonna chill any time soon.
Stay tuned for more binge-worthy political drama, folks!
Source: ntv.de, AFP
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The parliament's decision stands between upholding the fund's investment strategy and ensuring international legal compliance. Rather than a blanket divestment from all Israeli companies connected to the occupied territories, the parliament has opted to exclude companies specifically implicated in legal transgressions. Human rights groups like Amnesty International have spurred calls for divestment from Israel's occupation activities[1]. The Norwegian trade union LO has also backed the divestment push, emphasizing the necessity to disengage from companies breaking international law[2]. Although Norway’s parliament has chosen not to fully withdraw, they're remaining steadfast in maintaining a fund that adheres to ethical standards while respecting international legal norms[3].
- The parliament's decision to exclude specific Israeli companies implicated in legal transgressions from the Norwegian state fund's investments could be seen as a part of their commitment to uphold community policy and adhere to ethical standards.
- As the UN special rapporteur for occupied Palestinian territories, Francesca Albanese, called for divestment from Norwegian state fund's firms tied to Israel's activities in the occupied territories, the ongoing political tension between Norway and Israel war-and-conflicts, politics, general-news seems far from resolution.
