Norwegian union LO warns against politicising sovereign wealth fund by investing in NATO nuclear arms makers

LO has publicly criticised a draft amendment that would permit the State Pension Fund Global, known as the oil fund, to acquire stakes in companies that produce nuclear weapons for NATO allies. Liv Tørres, leader of LO’s international division, argues that owning shares creates a far greater responsibility than merely purchasing weapons and that one outlet proposal fails to keep ethics separate from security considerations.

The Gjedrem committee, chaired by Svein Gjedrem, suggests allowing investments in firms like Lockheed Martin, Boeing, General Dynamics, BAE Systems and Airbus, provided they are located in NATO countries that have ratified the non-proliferation treaty. Tørres fears this could politicise the fund and obscure the ethical basis for exclusions, pointing to the 2024 removal of India’s Larsen & Toubro for supplying nuclear components.

She also cautions that the proposal may diminish the Ethics Council’s mandate and public transparency. LO plans to scrutinise the report closely and expects a responsive government.