UNI welcomes Norway wealth fund’s divestment from second company profiting from West Bank settlements

UNI welcomes news that Norway’s sovereign wealth fund, the world’s largest, has divested from Paz Retail and Energy because the company owns and operates infrastructure supplying fuel to Israeli settlements in the occupied West Bank.

It is the second time the fund has sold all shares of Israeli company profiting from illegal West Bank settlements since the war in Gaza’s start. It sold all its shares in telecoms company Bezeq in December.

Israel’s settlements in the occupied West Bank are illegal under international law.

UNI Global Union’s General Secretary Christy Hoffman said:

“The situation in the West Bank grows more dire by the day. The Israeli government is turning neighbourhoods into rubble; state-backed settlers are displacing tens-of-thousands; and violence against Palestinians is rising. We are alarmed because Israel’s extremist government appears to be laying the groundwork for a full-blown annexation.

“This reality makes it even more urgent that institutions who care about social responsibility and human rights act. We applaud Norway’s fund for taking this step and call on it – along with other funds invested – fully divest from companies profiting from death and destruction in the occupied territories.

“We believe this is necessary for achieving a free and sovereign Palestine alongside a secure Israel.”

The announcement, reported by Reuters, comes amid growing calls for the fund to sell its shares in companies engaging in, profiting from or enabling Israeli violations of international law in the West Bank. In an intensification of its ongoing divestment campaign, LO, Norway’s largest trade union confederation, reiterated at its recent Congress their demand that the fund must refrain from trading and investing in companies that contribute to maintaining the occupation.

UNI has long condemned the illegal occupation of the West Bank. At the last three UNI congresses our affiliates have overwhelmingly supported the call for UNI to take action  to “impede the expansion of illegal settlements and restrict their access to financial support for growth and construction, such as divestment from companies which finance the construction and development of the illegal settlements.”   

UNI has engaged the Norwegian fund around excluding companies operating in the territory as part of implementing our “call upon all employers to refrain from providing services to, or doing business with, the illegal settlements and for consumers to boycott goods produced in the settlements.”

UNI will continue to call for companies to divest as part of our commitment to peace, equality and justice for all.