Norway's $2.3 trillion sovereign wealth fund may soon be allowed into some Western defence firms after a review of its ethics rules. The proposal would relax long-standing limits on companies tied to nuclear weapons.
01Summary
- 01The Gjedrem Committee submitted its review to Norway's Ministry of Finance on Thursday.
- 02Current rules bar investments in companies including Airbus, BAE Systems, Boeing, BWX Technologies and Lockheed Martin.
- 03The fund already holds stakes in defence firms including 2.3% of Rheinmetall and 1.5% of Leonardo.
- 04The committee said the fund should be able to invest in companies producing weapons Norway needs for its own defence, and in some nuclear-weapons-related firms in NATO-allied nuclear states.
- 05Norway will hold a public consultation, the central bank will respond in January, and parliament is expected to vote in mid-2027.
02Why it matters
If adopted, the changes could open a major pool of capital to large US and European defence groups. The review also signals a broader shift in how Norway balances ethics with security and geopolitical risk.
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