Fund said decision against Caterpillar and five Israeli banks due to their contribution ‘to serious violations of rights in situations of war and conflict’.Norway’s $2-trillion wealth fund, the largest in the world, has divested from US construction equipment giant Caterpillar over the firm’s purported involvement in rights violations perpetrated by Israel in Gaza and the occupied West Bank.The Norwegian central bank said on Monday that it had decided to exclude Caterpillar from the fund, which it manages, “due to an unacceptable risk that the companies contribute to serious violations of the rights of individuals in situations of war and conflict”.The fund also announced that it had divested from five Israeli banks, based on the recommendation of its council on ethics.In a statement, the ethics council said that “bulldozers manufactured by Caterpillar are being used by Israeli authorities in the widespread unlawful destruction of Palestinian property”.“There is no doubt that Caterpillar’s products are being used to commit extensive and systematic violations of international humanitarian law,” the council said.It added that Caterpillar had “not implemented any measures to prevent such use” by Israeli authorities.Prior to its divestment, the fund held a 1.17 percent stake in Caterpillar v …
