Key Takeaways
- • The Communist Party of Norway (NKP) condemned a government-appointed committee proposal, headed by former central bank governor Svein Gjedrem, to allow Norway's sovereign wealth fund (the Oil Fund) to invest in nuclear weapons manufacturers based in NATO countries recognized as nuclear powers.
- • The NKP linked the proposal to a weakening of ethical oversight after controversy over the fund's holdings tied to Israel's occupation and military operations against Palestinians, citing the August 2025 exclusion of Caterpillar and several Israeli financial companies.
- • The party demanded rejection of nuclear weapons investments, restoration of the independent Council on Ethics, divestment from companies implicated in serious violations of Palestinian rights, and Norway's accession to the UN Treaty on the Prohibition of Nuclear Weapons.
- • The NKP urged trade unions, peace organizations and solidarity movements to mobilize against the proposed changes.
Summary
The Communist Party of Norway (NKP) has strongly condemned a proposal that would allow the country's sovereign wealth fund, commonly known as the Oil Fund, to invest in companies producing nuclear weapons. In a statement issued by its International Committee, the party warned against turning public wealth into a source of profits for the nuclear arms industry.
The proposal was submitted by a government-appointed committee headed by former central bank governor Svein Gjedrem. It would introduce exemptions permitting investments in nuclear weapons manufacturers based in NATO countries officially recognized as nuclear powers. The NKP argued that Norway's participation in NATO's nuclear strategy cannot justify investments in weapons capable of mass destruction.
The party also tied the proposal to a broader erosion of ethical oversight. It pointed to controversy over the fund's investments in companies implicated in Israel's occupation and military operations against Palestinians, recalling the August 2025 exclusion of Caterpillar and several Israeli financial companies, followed by restrictions on the powers of the fund's independent Council on Ethics. According to the party, imperialist competition over markets, resources and strategic influence is driving militarization, with workers and their families bearing the consequences of war.
The NKP demanded rejection of investments in nuclear weapons manufacturers, restoration of independent ethical oversight, and divestment from companies implicated in serious violations of Palestinian rights. It also called on Norway to join the UN Treaty on the Prohibition of Nuclear Weapons and urged trade unions, peace organizations and solidarity movements to mobilize against the changes. The party stressed that public wealth must serve peace, social welfare and human needs rather than the profits of the arms industry.
The proposal was submitted by a government-appointed committee headed by former central bank governor Svein Gjedrem. It would introduce exemptions permitting investments in nuclear weapons manufacturers based in NATO countries officially recognized as nuclear powers. The NKP argued that Norway's participation in NATO's nuclear strategy cannot justify investments in weapons capable of mass destruction.
The party also tied the proposal to a broader erosion of ethical oversight. It pointed to controversy over the fund's investments in companies implicated in Israel's occupation and military operations against Palestinians, recalling the August 2025 exclusion of Caterpillar and several Israeli financial companies, followed by restrictions on the powers of the fund's independent Council on Ethics. According to the party, imperialist competition over markets, resources and strategic influence is driving militarization, with workers and their families bearing the consequences of war.
The NKP demanded rejection of investments in nuclear weapons manufacturers, restoration of independent ethical oversight, and divestment from companies implicated in serious violations of Palestinian rights. It also called on Norway to join the UN Treaty on the Prohibition of Nuclear Weapons and urged trade unions, peace organizations and solidarity movements to mobilize against the changes. The party stressed that public wealth must serve peace, social welfare and human needs rather than the profits of the arms industry.
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