Norway’s largest private pension fund, KLP, excluded U.S. industrial group Caterpillar from its investment portfolios on Wednesday, citing concerns that the bulldozer maker may be contributing to human rights abuses in the occupied West Bank and the Gaza Strip.
KLP sold Caterpillar shares and bonds worth 728 million kronor ($69 million) before 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 Israeli military is using the equipment.
"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.
