Norway plans to allow its sovereign wealth fund to invest in nuclear weapons production

According to current regulations, the fund does not invest in 14 companies that develop or produce nuclear weapons or their components. These include major international arms manufacturers such as Airbus, BAE Systems, Boeing, Lockheed Martin, and Safran.

Last November, the Norwegian government tasked a commission with reviewing these restrictions. The commission was chaired by Svein Gjedrem, former head of the Norwegian Central Bank.

Under the proposed changes, the fund will be able to invest in nuclear weapons manufacturers if they are located in a country that officially possesses nuclear weapons, recognized as such under the Treaty on the Non-Proliferation of Nuclear Weapons, and is simultaneously a NATO ally of Norway.

As Gjedrem explained, this would allow several British, French, and American arms manufacturers to be returned to the investment portfolio.

Other ethical restrictions will remain in force. These concern the production of biological and chemical weapons, anti-personnel mines, and cluster munitions, as well as investments in the coal industry, tobacco business, and cannabis industry.

The commission's report was submitted to Norway's Minister of Finance, Jens Stoltenberg, who previously served as NATO Secretary General. He highlighted a contradiction: the Norwegian fund cannot invest in companies that could be crucial for the country's security, while Russia increasingly threatens to use nuclear weapons and China is expanding its nuclear arsenal.

The commission also proposed changing the mandate of the Council on Ethics — an independent body that advises Norges Bank, which manages the fund. The Council will still assess the risk of serious ethical standard violations by companies, but will no longer be able to independently recommend the exclusion of their shares from the investment portfolio. This authority has already been suspended during the review of the rules.

The proposed changes will be put up for public discussion, which will last until January 15. After that, the government plans to present its assessment to parliament next spring.

The report has already drawn criticism from several political parties, especially those on the left. One representative of the Green Party called it "completely meaningless."

The Norwegian fund invests in over 7,000 companies worldwide and owns approximately 1.5% of all shares traded on exchanges.

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