Business · Companies · 3 hrs ago
Norway panel proposes allowing sovereign fund to invest in nuclear arms makers
A Norwegian government-appointed panel proposed changing the fund's investment rules so it can buy shares in some defence companies that make nuclear weapons.
The $2.3 trillion fund, managed by Norges Bank Investment Management, currently excludes companies such as Airbus, Boeing and Lockheed Martin because of their links to nuclear arms.
The proposed exception would cover companies based in countries with nuclear weapons that are allied with Norway in NATO.
Finance Minister Jens Stoltenberg commissioned the review, citing changes in global security and Norway's reliance on NATO's nuclear protection.
The panel also recommends giving the fund's independent ethics council a smaller role, with the central bank deciding whether to sell shares and publish the reasons.
Critics say investing in nuclear weapons could make them seem acceptable and put lives at risk.
The government and parliament must decide whether to adopt the changes, with a policy paper on the fund expected in spring 2027.
A government-appointed commission has proposed allowing Norway’s sovereign wealth fund to invest in companies involved in producing nuclear weapons.
The fund currently excludes such companies on ethical grounds, including Airbus, Boeing and Lockheed Martin.
The proposal would permit investments in companies based in countries with nuclear weapons that are allies of Norway in NATO.
The proposal could lead to billions of dollars being invested in defence companies if adopted by the government and parliament.
The commission also recommended reducing the independent ethics council’s role, leaving investment decisions to the central bank.
- Who
- Norway’s government-appointed commission made the recommendation. The fund is managed by the central bank.
- What
- The commission proposed allowing the sovereign wealth fund to invest in some companies involved in producing nuclear weapons.
- When
- The recommendation was reported on October 15, 2026.
- Where
- Norway.
- Why
- Finance Minister Jens Stoltenberg asked for a review, citing changes in global security and Norway’s reliance on NATO’s nuclear deterrent.
Norway’s government-appointed commission
Norwegian Red Cross
Acceptability of nuclear weapons
Norway’s government-appointed commission
The commission proposed allowing investment in some nuclear-weapons makers.
Norwegian Red Cross
Grete Herlofson said such investments signal that the weapons are acceptable.
Human impact
Norway’s government-appointed commission
The commission proposed an exception for companies based in nuclear-armed states allied with Norway.
Norwegian Red Cross
Herlofson said the investments would endanger lives.
Norway’s parliament suspended state fund divestments made on ethical grounds.
The government-appointed commission made its recommendation, according to the report published the following day.
Il Sole 24 Ore and Spiegel reported the commission’s proposal.
The government is expected to present an annual policy document on the sovereign fund, which will be based on the commission’s proposals.
- Fund value
- $2.3 trillion
- Proposed eligibility
- Companies based in nuclear-armed states allied with Norway in NATO
- Previously excluded companies
- Airbus, Boeing, BAE Systems and Lockheed Martin
- Finance minister
- Jens Stoltenberg
- Expected policy document
- Spring 2027
3 sources
What people are saying
By investing in such weapons, we send a signal to the whole world: These weapons are acceptable
That endangers lives.