Business · Markets · 10 hrs ago
Norway panel recommends easing sovereign fund rules on defence investments
A Norwegian expert panel has recommended easing rules for the country’s sovereign wealth fund so it can invest in some Western defence companies.
The $2.3 trillion fund is the world’s largest and is managed by Norway’s central bank.
Its current rules exclude major companies such as Airbus, Boeing, BAE Systems and Lockheed Martin because they make components or systems linked to nuclear deterrence.
The panel proposes keeping the ban on nuclear weapons while allowing investments in companies based in allied countries that have signed the nuclear non-proliferation treaty.
It also wants the fund to be able to support weapons considered important for Norway’s own defence, with a less strict assessment of their possible use abroad.
The proposal reflects concern about a more unstable geopolitical climate, but some Norwegian parties, particularly on the left, have criticised it.
The recommendations will go through consultation before the government presents its conclusions to Parliament in spring 2027.
A Norwegian government-appointed commission has recommended easing rules that bar the country’s sovereign wealth fund from investing in some major defence companies.
The proposal would allow investments in European and US companies based in allied countries that produce components for nuclear weapons, while keeping the general ban on nuclear weapons investments.
The commission also recommended allowing investment in weapons considered essential to Norway’s own defence and a less strict assessment of their use abroad.
The fund, valued at about $2.3 trillion, currently excludes 14 major defence companies because of their links to nuclear deterrence.
The recommendations will go to public consultation before the government presents its conclusions to Parliament in spring 2027.
- Who
- A government-appointed Norwegian commission chaired by former central bank governor Svein Gjedrem made the recommendation.
- What
- It proposed easing the sovereign fund’s defence investment rules, including allowing some investments in companies linked to nuclear weapons production.
- When
- The commission presented its recommendations on Thursday, October 15, 2026.
- Where
- Norway.
- Why
- The commission said the rules should adapt to new geopolitical realities and the possibility of conflicts escalating into war.
Norwegian government-appointed commission
Critics, including left-wing parties
Nuclear-linked investments
Norwegian government-appointed commission
The commission recommends allowing investments in some European and US companies based in allied countries that produce nuclear-weapon components.
Critics, including left-wing parties
Some left-wing critics oppose the report; an environmental representative called it totally senseless.
Defence investment rules
Norwegian government-appointed commission
The commission recommends supporting production of weapons needed for Norway’s own defence and easing assessments of how they may be used abroad.
Critics, including left-wing parties
The sources do not detail critics’ views on this specific proposal.
The government-appointed commission presented its recommendations to the Norwegian Finance Ministry.
The proposals are to be submitted for consultation before the government presents its conclusions to Parliament.
The government is expected to present its conclusions to Parliament.
- Fund value
- About $2.3 trillion
- Excluded defence companies
- 14
- Commission chair
- Svein Gjedrem
- Report recipient
- Norwegian Finance Ministry
- Expected parliamentary presentation
- Spring 2027
3 sources
Elle dispose du plus grand fonds souverain au monde: la Norvège, qui refusait les investissements dans les armes nucléaires, envisage de revoir ses règles éthiques
Fonds souverain norvégien : la fin de la neutralité nucléaire à l'ère de la menace russe
La Norvège devrait autoriser son fonds souverain à investir dans les grands fabricants d'armes, estime une com
What people are saying
the Bank of Norway must be prepared for the possibility of an escalation of conflicts into war
Several European and American companies that produce components for nuclear weapons can therefore be reintegrated
totally senseless