World's largest wealth fund divests from Israeli energy company
It marks the second divestment after the fund's ethics watchdog, the Council on Ethics, adopted a tougher interpretation of ethics standards for businesses in August that aid Israel's occupation of the West Bank and Gaza Strip.
The fund, the world's largest, owns 1.5 percent of listed shares across 9,000 companies globally. Worth $1.8 trillion, the Norwegian fund has been an international leader in the environmental, social and governance (ESG) investment field.
'By operating infrastructure for the supply of fuel to the Israeli settlements on the West Bank, Paz is contributing to their perpetuation,' the Council on Ethics said in its recommendation to divest.
'The settlements have been established in violation of international law, and their perpetuation constitutes an ongoing violation thereof.'
New MEE newsletter: Jerusalem Dispatch
Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters
It comes after a similar decision was made in December to sell all shares in Israel's largest telecoms group, Bezeq, over its involvement in the occupied territories.
Norwegian Deputy Foreign Minister Andreas Motzfeldt Kravik has denounced Israel's ongoing siege on Gaza as 'unconscionable and deeply illegal'.
Norway is among 147 states that have recognised Palestinian statehood.
In April, a year after Norway's recognition, Kravik announced the formal establishment of diplomatic relations with Palestine, with the appointment of Palestinian ambassador Marie Antoinette Sedin.
In addition to initiating the International Court of Justice (ICJ) case on Israel's humanitarian obligations under international law, Norway is leading an international coalition for the two-state solution, along with Saudi Arabia and the European Union, Kravik told Middle East Eye.
A UN conference on Palestinian statehood is scheduled to be held in New York from 2-4 June, based on a UN General Assembly resolution passed in December in support of the two-state solution.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
UAE Moments
an hour ago
- UAE Moments
UN Puts Israel 'On Notice' Over Sexual Abuse of Detained Palestinians by Armed Forces
United Nations Secretary General Antonio Guterres has warned Israel it could land on the UN's blacklist of offenders accused of sexual violence in armed conflict. The warning, sent in a letter to Israel's UN ambassador Danny Danon, cites reports of abuse against Palestinian detainees in prisons, a detention centre, and a military base. Documented Abuse Allegations According to Guterres, UN monitors have documented patterns of abuse — including genital violence, prolonged forced nudity, and repeated degrading strip searches. He said these patterns raise 'significant concerns' and urged Israel to take immediate steps to stop all sexual violence and allow UN investigators access. Israel and Hamas Both Named Israel denies the allegations and access to UN monitors, calling the claims baseless. Danon said the UN should focus instead on the 'war crimes and sexual violence of Hamas.' Hamas has also been listed in the UN report for alleged sexual violence during the October 7, 2023 attacks and against hostages. Hamas officials rejected the claims. Wider UN Warnings The letter also revealed similar warnings issued to Russia over alleged sexual violence against Ukrainian prisoners of war in both official and unofficial detention facilities.
Khaleej Times
2 hours ago
- Khaleej Times
Israel military says it approved plan for new attacks in Gaza
The Israeli military said Wednesday it had approved the "framework" for a new offensive in the Gaza Strip, days after the security cabinet called for the seizure of Gaza City. Armed forces chief Lieutenant General Eyal Zamir "approved the main framework for the IDF's operational plan in the Gaza Strip", a statement released by the army said. Prime Minister Benjamin Netanyahu's government has not provided a precise timetable for when Israeli troops will enter the territory's largest city, where thousands have taken refuge after fleeing previous offensives. Gaza's civil defence agency said Israeli air strikes on Gaza City have intensified in recent days, with the residential neighbourhoods of Zeitoun and Sabra hit "with very heavy air strikes targeting civilian homes, possibly including high-rise buildings". News of the military's approval of the plan comes hours after Hamas said a senior delegation had arrived in Cairo for "preliminary talks" with Egyptian officials on a temporary truce. The Netanyahu government's plans to expand the Gaza war after more than 22 months of fighting have sparked an international outcry as well as domestic opposition. UN-backed experts have warned of widespread famine unfolding in the territory, where Israel has drastically curtailed the amount of humanitarian aid it allows in. Hamas's October 2023 attack which triggered the war resulted in the deaths of 1,219 people, according to an AFP tally based on official figures. Israel's brutal bombardment has killed at least 61,599 Palestinians.
The National
2 hours ago
- The National
Israel pressures ceasefire talks with threat to deport Gazans to countries like South Sudan
Israel is pressuring Gaza ceasefire talks by forcing residents to 'leave' and floating the idea of relocating them to African countries such as South Sudan, Palestinian political sources have said. Prime Minister Benjamin Netanyahu repeated that his army would 'allow' Palestinians to leave Gaza. At the same time, AP reported that Israel is in talks with South Sudan to host Gazans. The reports came days after Israel announced plans to reoccupy Gaza, amid renewed efforts to secure a ceasefire in the devastated territory, where Israeli forces have killed more than 61,000 Palestinians since October 2023. 'There are desperate attempts to improve Israel's negotiating terms,' one of the Palestinian political sources told The National on Wednesday. 'What Netanyahu is doing is an attempt to show he is taking action amid his internal crisis: what to do with the Gaza war,' said the official, a former minister. Calls to forcibly resettle Palestinians from Gaza have previously drawn widespread condemnation, especially from Arab countries, who reject the idea of "emptying" Gaza, as previously suggested by US President Donald Trump. Mr Netanyahu told a televised interview that 'Israel will give them the opportunity to leave," adding that he felt he was on a 'historic and spiritual mission,' and was 'very' attached to the vision of a Greater Israel, which includes parts of Jordan and Egypt. Pressure tactic AP previously reported that Israel and the US approached Sudan, Somalia, and the breakaway Somali region of Somaliland with similar resettlement proposals. The status of those talks is unclear. On Wednesday, Israeli media reported that Deputy Foreign Minister Sharren Haskel would hold a series of meetings in South Sudan, the first official visit to the East African country by an Israeli government representative. 'Israel and Netanyahu are in crisis, and global shifts are exerting significant pressure on them. They need desperate measures and desperate propaganda to push their way through,' said a Palestinian source. Last week, Israel's cabinet approved Mr Netanyahu's plans to occupy Gaza city in the north and displace half of the population by forcing them south. Sources told The National that invading the city would mark the start of reoccupying the entire territory, 20 years after Israel's so-called 'disengagement' from Gaza. The Israeli military said on Wednesday it had approved the "framework" for a new assault. Many see this as another pressure tactic in ceasefire negotiations, which Israel wants to avoid tying to an obligation to end the war and withdraw from Gaza, a condition Hamas insists on. 'The Israeli army is present throughout Gaza, and talk of a new offensive is an Israeli pressure tactic. It will cost them many men and much money. The chances of a battle are slim,' the former minister said.
