Red Cross chief warns Norway’s oil fund ethics drift threatens humanitarian stance

Grete Herlofson, former aide to a past foreign minister and now Red Cross secretary-general, told reporters that the finance minister’s recent remarks suggest a shift toward permitting the sovereign wealth fund to invest in firms linked to nuclear weapons and other prohibited arms. She warned that such a shift would betray Norway’s identity as a humanitarian nation, especially as the Gjedrem committee prepares to propose new ethical frameworks later this week.

Herlofson denounced Norway’s pact with France to join its nuclear umbrella, labeling it a very bad idea that conflicts with international law. While praising historic Norwegian initiatives like the 2008 cluster-munitions convention, she noted that the suspension of the independent ethics council leaves the fund without clear exclusion criteria. She cautioned that the committee’s mandate, which includes weighing broader economic and security considerations, could further dilute restrictions. The Red Cross pledged to mobilise its influence if the final guidelines stray from humanitarian commitments.