Norway fund KLP excludes Caterpillar from investment portfolios on concerns bulldozers may be used in human rights abuses in West Bank, Gaza

By Tuba Ongun

Norway’s largest private pension fund, KLP, excluded Caterpillar from its investment portfolios on Wednesday, citing concerns that the bulldozer maker may be contributing to human rights abuses in the West Bank and the Gaza Strip.

KLP sold Caterpillar shares and bonds worth 728 million kronor ($69 million) prior to June 17, said Kiran Aziz, the head of responsible investments at the Oslo-based fund.

She highlighted that Caterpillar's equipment has been used "to demolish Palestinian homes and infrastructure to clear the way for Israeli settlements" and pointed out allegations that the equipment is being used by the Israeli military.

"Since the company cannot provide us with assurances that it is doing anything in this regard, we have decided to exclude the company from investment," said Aziz.

Israel has killed nearly 37,700 Palestinians and injured about 86,100 since Oct. 7 after the Palestinian group, Hamas, carried out a cross-border assault against Israel.