https://arab.news/43k29
In an important step toward the economic isolation of Israel due to its genocide in Gaza, Norway’s Government Pension Fund Global last week announced it would divest from yet more Israeli companies.
Norway’s sovereign wealth fund is the world’s largest, with total investments in Israel once estimated at $1.9 billion. The decision to divest was taken gradually but is consistent with the Norwegian government’s growing solidarity with Palestine and criticism of Israel.
Taking a leading role along with Spain, Ireland and Slovenia, Norway has been a vocal European critic of the Israeli genocide and human-made famine in Gaza, actively contributing to the International Court of Justice’s investigation into the genocide and formally recognizing the state of Palestine in May 2024. This diplomatic and legal stance, coupled with its financial divestment, represents a coherent and escalating effort to hold Israel accountable for its ongoing extermination of Palestinians.
The Israeli economy was already in a state of freefall even before the genocide. The initial collapse was related to the deep political instability in the country, a result of Prime Minister Benjamin Netanyahu and his extremist government’s attempt to co-opt the judicial system, thus compromising any semblance of democracy that remained in the country. This resulted in a significant lowering of investor confidence.
