Major victory: Norwegian sovereign wealth fund exits Caterpillar over Israeli war crimes
Aug 28 2025
3 minutes
The Norwegian sovereign wealth fund, the largest sovereign wealth fund in the world, has sold its shares in Caterpillar. The reason: the American company's involvement in gross human rights violations in the Israeli-occupied Palestinian territories. A major breakthrough, which also 11.11.11 and FairFin had been pushing for this for years.
Bulldozers for occupation and destruction
Caterpillar produces, among other things, excavators and bulldozersThese are systematically used for the destruction of Palestinian homes and infrastructure in the West Bank. According to the Norwegian Sovereign Fund, there is "no doubt that Caterpillar's products are being used for widespread and systematic violations of international humanitarian law."
BROADER SIGNAL
The foundation sold not only his $2,1 billion stake in Caterpillar (1,17% of the company), but also holds stakes in five Israeli banks ($661 million). A few weeks ago, the fund also announced its withdrawal from eleven other Israeli companies. This sends a powerful message to the world's largest investor: profiting from occupation and war crimes is unacceptable.
Pressure pays off
This decision did not come out of the blue. Norwegians have already gone to the Norwegian central bank several times to protest against the investment of their pension money in companies that violate human rights.
Also 11.11.11 asks together with FairFin and dozens of international and Palestinian organizations – united in the “Don't Buy into Occupation” (DBIO) coalition – have been urging financial institutions for years to take responsibility and not support companies that contribute to the illegal occupation of Palestine. Specifically we also carry out campaign against investments in Caterpillar due to its involvement in serious human rights violations in Gaza and the West Bank. Thanks to this pressure, Triodos and Argenta, among others, have already blacklisted the American mechanical engineering company.
The fact that the Norwegian sovereign wealth fund is taking this step shows that international pressure is working.
Our fight continues
Meanwhile, European and Belgian financial institutions continue to invest in companies active in the occupied Palestinian territory. For example, KBC, Belfius, BNP Paribas, ING, Delen Private Bank and Degroof Petercam still maintains financial relationships with companies like Caterpillar and others involved in the illegal settlement industry. KBC and BNP, in particular, stand out: despite the genocide in Gaza and ethnic cleansing in the West Bank, there was no less than $911 million (GDP) and $772 million (KBC) in financial relationships with Caterpillar.
This is unacceptable. That is why we, together with local and international partners such as FairFin, continue to increase pressure to stop their investments.
But that is not enough. The Belgian government must urgently take responsibility and take action ban on investments in companies active in occupied Palestinian territoryAs long as she doesn't do so, Belgian savings also risk contributing to war crimes and violations of international law.
Help increase pressure
With your support, we will continue to put pressure on financial institutions and the government. The investments and complicity must stop. Support our political work on Palestine and help us increase the pressure.