NEWS

OSLO, Nov 4 (Reuters) – Norway’s parliament on Tuesday voted in favour of pausing ethical divestments by its $2.1 trillion sovereign wealth fund, the world’s largest, while it updates the fund’s ethical guidelines.
The move, proposed by the minority Labour government early on Tuesday, came at a time of intense international scrutiny on the fund’s ethical divestments.

In September, the U.S. State Department said it was “very troubled” by the fund’s decision to divest from construction equipment group Caterpillar (CAT.N), opens new tab over the use of the company’s products by Israeli authorities in Gaza and the occupied West Bank.

“The world has changed since the ethical guidelines were first adopted,” Finance Minister Jens Stoltenberg told parliament earlier on Tuesday. “The rules need to be reviewed.”

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