Israel uses its equipment in violations in Palestine.. A Norwegian fund sells its stake in Caterpillar | Economy

The largest private pension fund in Norway withdrew its investments in the American heavy equipment manufacturer Caterpillar, due to concerns that it may contribute to facilitating human rights violations in the West Bank and Gaza Strip.

The KLB Pension Fund, which is based in the Norwegian capital, Oslo, sold shares and bonds in Caterpillar worth 728 million Norwegian kroner ($69 million) earlier this month, according to the fund’s investment director, Kiran Aziz.

Kiran Aziz pointed out that Israel used Caterpillar equipment, which is based in the US state of Texas, to demolish Palestinian homes and infrastructure projects with the aim of establishing Israeli settlements, adding that the Israeli army uses Caterpillar equipment in these works.

Wider campaign

Bloomberg reported that the Norwegian Pension Fund’s decision supports a broader campaign by human rights activists urging financial institutions to withdraw their investments from companies linked to Israel, and calling on consumers to boycott these companies, at a time when the Israeli occupation army launched its devastating military campaign against the Gaza Strip.

Kiran Aziz said that despite Caterpillar’s offer to engage in dialogue with KLP, “the US company’s responses failed to demonstrate that it was able to credibly reduce the risk of human rights violations in situations of war or conflict, or violations of international law in the Palestinian territories… The company could not provide us with assurances that it was doing anything about this.”

It is noteworthy that KLP – which manages assets worth $100 billion – describes itself as a responsible investor who wants to withdraw from companies that do not adhere to environmental, social or governance rules.

The Office of the United Nations High Commissioner for Human Rights cited Caterpillar among a number of companies that supply Israel with military equipment, in a statement issued last week, calling on investors with stakes in these companies to “take the necessary measures.”