The Government Pension Fund of Norway has reportedly invested USD hundreds of millions in five foreign companies, which manufacture nuclear weapons, in violation of humanitarian principals and the country’s internal laws.
The 2011 investment was worth 4.4 billion Norwegian Krones (NOK) (roughly USD 757 million), according to a recent report by Norway’s leftist daily, Kampen
The parties to the contract were some American, British, and French companies involved in the manufacture of nuclear missiles and submarines, namely France’s Thales, which makes the M51 nuclear missiles and the US Jacobs Engineering.
The paper said any investment by the fund, also known as the Oil Fund, in organizations or institutions involved in the manufacture of nuclear weapons was against Norway’s laws.
All investments geared towards the manufacture of nuclear or conventional weapons have been suspended since the Norwegian authorities were informed about the matter.
By investing in those five companies, the Government Pension Fund of Norway contributes to the keeping, legitimization, and ultimately the use of nuclear weapons, said Magnus Lovold, the country’s coordinator of International Campaign to Abolish Nuclear Weapons (ICAN).
The state-owned fund is financially backed by oil profits rather than pension contributions. By the end of last year, its total value stood at NOK 3,396 billion (USD 585 billion), holding one percent of global equity markets.