Norway has excluded Caterpillar due to its involvement in human rights violations in Israel

• The Norwegian fund has excluded Caterpillar due to violations of human rights.
• Five Israeli banks have also been excluded for financing settlements.
• The total value of the excluded assets amounts to nearly 3 billion dollars.

The Norwegian fund for sovereign wealth, which is the largest in the world, has excluded Caterpillar, a manufacturer of construction equipment, due to its possible involvement in human rights violations related to Israel's activities in Gaza and the West Bank.

On September 26, 2025, the fund announced that it excludes Caterpillar and five Israeli banks on the basis of ethical guidelines. This is the first major American business to be excluded in the context of the fund's review, aimed at ensuring compliance with international law.

The fund's ethical council stated that "bulldozers manufactured by Caterpillar are being used by the Israeli authorities for the illegal destruction of Palestinian property." It also noted that the company has not taken any measures to prevent such involvement.

The fund held shares in Caterpillar worth a total of 2.1 billion dollars, which accounted for approximately 1.2% of all shares issued by the company. Banks such as Hapoalim, Bank Leumi, Mizrahi Tefahot Bank, First International Bank of Israel, and FIBI Holdings were also excluded for their financial support of construction projects that contribute to the maintenance of Israeli settlements.

The total value of the excluded assets, which the fund has excluded, amounts to nearly 3 billion dollars. Earlier, the International Court of Justice ruled that Israeli settlements in the occupied territories are illegal.

Tags: Europe/Economy