Norway urged to allow the MEGA Wealth Fund to fortify in arms makers

The Norway government is exposed to increasing pressure to allow the country 1.8 trillion dollars The sovereign wealth fund is invested in some defense companies, as opposition parties describe a long ban as “illogical” in the current security scene.

Government pension fund in Norway International, The largest sovereign wealth box in the worldHe has been prevented from taking risks in companies that produce critical components of nuclear weapons since the early first decade of the twentieth century.

under Ethical instructionsThe fund has also been prevented from investing in companies that participate in the production of cluster munitions, anti -Bresslloel and tobacco mines, among other things.

The Conservative Party at the center center of the country says it is time for the government to lift the imposed ban Russia’s full invasion of Ukraine And the “great renewal” of countries like China in recent years.

“We are currently facing the most dangerous security crisis since World War II,” Tina Pro, the deputy leader of the Governorate Party, told CNBC via e -mail.

From her point of view, the Norwegian Prime Minister Jonas Juna Surter should seek to change the moral framework of the wealth fund in the country to ensure that the companies that are seen as vital to the security of the West are not excluded.

A spokesman for the Norwegian Ministry of Finance refused to comment when contacting him by CNBC, saying that the government will first answer a similar question from the Norwegian parliament.

The fund has previously ruled out the British defense contractor BAE systems Because of the company’s production of the main components of nuclear weapons and the US defense contractor Lockheed Matin Corp Due to cluster munitions.

“Through the West, critical weapons are purchased from companies that are currently excluded from the oil fund investments. It is not logical that the Norway pension fund is banned from investing in the same companies that the government buys through the state budget.”

The Labor Party at the left center in Norway expected To judge alone until the new parliamentary elections take place in September. The ruling coalition government in the country has collapsed earlier in the year amid finals on the Energy directions in the European Union.

A founding member of NATO, Norway is not part of the European Union but works closely with the bloc as a member of the wider European Economic Zone.

The discussion comes on how the wealth fund in Norway responds to the advanced security scene at a time of higher defense spending High industry profits Governments also respond to high geopolitical risks.

Defense shares are usually excluded from portfolios based on environmental and social factors and governance (ESG) due to moral concerns about the sector’s association with war.

In recent months, it seems that ESG fund managers have become Increasingly comfortable With defense companies.

A spokesman for Norges Bank Investment Management, who runs the wealth box, rejected the comment when asked about calls to review the moral guidelines of the fund.

One of the world’s largest investors, the sovereign wealth fund in Norway was established in the 1990s to invest in the country’s oil and gas surplus revenues. To date, the box has Put the money In more than 8,650 companies in more than 60 countries around the world.

Hans Andreas Limi, a deputy of the right -wing party in the Scandinavian country, has recently introduced a private member to remove the ban on the fund’s nuclear weapons, according to what he said. Financial times. he It is said The ban was described as “hypocrisy.”

Eda Casa Johanssen, head of the ESG commercial company at Saksu Bank, said that the Ministry of Finance in Norway should not be affected by political pressure to lift the ban of the fund’s nuclear weapons.

“In the end, the Norwegian Ministry of Finance is responsible for overseeing the work carried out by Norges Bank Investment Management (which is responsible for managing the fund), has credit duties and will decide the next procedure.”

She added: “The Ministry’s procedures should not be affected by public opinions, but rather the best interests for the beneficiaries of the fund (Norway and current and future generations) and the laws and regulations that govern the state of the fund.”