AUF leader warns against loosening Oljefondet's ethics on nuclear weapons

On Thursday, the Gjedrem committee delivered its proposal for a revised ethical charter for Norway’s sovereign wealth fund, the Oljefondet. Among the recommendations is the removal of the prohibition on investing in companies in NATO countries that produce nuclear weapons. Finance Minister Jens Stoltenberg has not taken a position on the issue.

Fawzi Warsame, who will assume the AUF leadership on Sunday, told party officials that Norway must stay out of nuclear, chemical and land-mine weapons and that the fund’s ethical standards must reflect the party’s earlier commitment to a nuclear-free world. He expressed concern that the fund’s mandate to remain a broad, global market fund could trump violations of international law, citing large firms like Palantir as examples that should be excluded for alleged war-crime involvement.

Warsame also called for the Ethics Council’s members to be appointed by the Storting rather than by the Finance Ministry or Norges Bank to ensure independent oversight. The committee’s report will undergo a public hearing before the government presents its final proposal to the Storting in the spring.