Norwegian Wealth Fund Divests from Bezeq Over Ethical Concerns

Norway's sovereign wealth fund, the world's largest, has sold all its shares in Bezeq due to ethical concerns over the company's provision of telecom services to Israeli settlements in occupied Palestinian territories. This decision aligns with the fund’s rigorous ESG standards and reflects growing international pressure to sever ties with Israeli operations.

In a significant move reflecting heightened ethical scrutiny, Norway's sovereign wealth fund, the largest of its kind globally, has divested from Bezeq, Israel's foremost telecom provider. This action stems from Bezeq's involvement in furnishing telecom services to Israeli settlements in the West Bank, deemed illegal under international law.

The Norwegian fund, valued at $1.8 trillion and a vanguard in ESG investments, has exercised its considerable influence by cutting its stake in Bezeq from 2.2% to zero. The divestment decision aligns with international pressure, particularly following Norway's recognition of Palestine as a state, intensifying calls for ending financial relations with Israeli enterprises tied to disputed territories.

No immediate comment was made by Bezeq, but it faced allegations of establishing infrastructure supporting the expansion of controversial settlements. The Council on Ethics, advising the fund, has revised its guidelines, prompting a strategic withdrawal from entities infringing upon international law principles.

(With inputs from agencies.)