Norway's Fund Divests from Bezeq over Ethical Concerns

Norway's sovereign wealth fund has divested from Israel's Bezeq due to its operations in the occupied West Bank. The fund, an ESG investment leader, sold its shares following its ethics watchdog's recommendation. Bezeq's services to Israeli settlements were deemed to violate international law.

Norway's sovereign wealth fund, recognized globally as the largest of its kind, has taken a stand by divesting from Israel's Bezeq telecommunications company. The move, announced late Tuesday, stems from Bezeq's involvement in providing telecom services to Israeli settlements in the occupied West Bank.

This decision follows an updated ethical framework presented by the Council on Ethics, which scrutinizes and realigns the fund's investments with international laws and human rights. Bezeq, Israel's prominent telecom company, did not immediately respond to requests for comment regarding the divestment.

The ethics watchdog argues that Bezeq supports the infrastructure and expansion of illegal settlements, as defined by international law. Consequently, prior to selling all its shares, the fund had already reduced its stake significantly throughout the year. This action aligns with the fund's broader divestment strategy concerning companies with activities in the occupied territories.

(With inputs from agencies.)