Norway's Wealth Fund Divests from Bezeq Amid Ethical Concerns

Norway's sovereign wealth fund divested from Israel's Bezeq, citing ethical concerns over its operations in the occupied West Bank. This decision aligns with new guidance from its ethics council, a move influenced by international legal standards. The fund, a global ESG leader, continues to reassess its investments.

Norway's sovereign wealth fund, the world's largest, has taken a firm ethical stand by divesting all shares in Israel's Bezeq. This follows a new interpretation of ethical standards by the fund's Council on Ethics, targeting businesses enabling Israeli settlements in the occupied Palestinian territories.

The $1.8 trillion fund, a forerunner in environmental, social, and governance investment, influences global markets with its holdings across nearly 8,700 companies. The decision mirrors a broader European trend to reconsider ties with Israeli-connected enterprises, amidst rising international pressure regarding the conflict in Gaza.

Bezeq, Israel's primary telecoms provider, faces allegations of facilitating illegal settlements under international law. The fund's watchdog recommended divestment, emphasizing that services to Palestinian areas do not mitigate its association with West Bank settlements.

(With inputs from agencies.)