Norwegian Finance Minister Jens Stoltenberg has called for a review of the ethical guidelines governing Norway’s sovereign wealth fund, known as the Oil Fund. He emphasized that while the fund is not a political tool, its investment principles must reflect current global realities and uphold ethical standards.
Speaking before Parliament, Stoltenberg noted that the guidelines — designed nearly 30 years ago — may need updating to ensure a proper balance between financial returns and ethical responsibility. The fund, which manages profits from Norway’s offshore oil industry, has faced criticism over investments in companies linked to global conflicts, particularly those connected to Israel’s war in Gaza.
The minister highlighted that the fund’s managers have already divested from several firms found to violate human rights principles. However, Stoltenberg stressed that the framework itself must evolve to handle modern challenges, especially as global instability grows.
Several political parties have called for stricter rules and faster evaluations by the fund’s ethics council. Stoltenberg said the review aims to strengthen oversight while ensuring that Norway’s investments continue to support both long-term sustainability and moral accountability.