Norwegian pension fund KLP withdraws investment from Caterpillar over abuses in Gaza
Date
6/27/2024 5:21:12 AM
(MENAFN) Norway’s largest private pension fund, KLP, made headlines on Wednesday by announcing the exclusion of Caterpillar from its investment portfolios. Kiran Aziz, head of responsible investments at the Oslo-based fund, disclosed that KLP had sold Caterpillar shares and bonds totaling 728 million kronor (USD69 million) prior to June 17. The decision stemmed from serious concerns that Caterpillar's bulldozers might be involved in human rights abuses in the West Bank and Gaza Strip.
Aziz emphasized that Caterpillar's equipment has reportedly been used to demolish Palestinian homes and infrastructure, allegedly to facilitate the expansion of Israeli settlements. There are also allegations that this equipment is utilized by the Israeli military, contributing to the fund's decision to divest. Aziz noted that despite seeking assurances from Caterpillar regarding these issues, the company failed to provide satisfactory responses, prompting KLP to take action to align its investment practices with ethical considerations.
The move underscores KLP's commitment to responsible investing practices, prioritizing human rights and ethical standards in its investment decisions. By divesting from Caterpillar, KLP aims to mitigate potential complicity in activities deemed detrimental to human rights, reflecting broader concerns within the international community regarding the Israeli-Palestinian conflict and its humanitarian implications.
In related developments, the ongoing violence in the region has seen significant casualties among Palestinians following a cross-border assault initiated by Palestinian resistance group Hamas against Israel on October 7. The situation continues to draw international attention and influence corporate and institutional decisions regarding investment and engagement in the region.
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