The Communist Party of Norway (NKP) has strongly condemned a proposal to allow the country’s sovereign wealth fund, commonly known as the Oil Fund, to invest in companies producing nuclear weapons. In a statement issued by its International Committee, the party warned against turning public wealth into a source of profits for the nuclear arms industry.

The proposal, submitted by a government-appointed committee headed by former central bank governor Svein Gjedrem, would introduce exemptions allowing investments in nuclear weapons manufacturers based in NATO countries officially recognized as nuclear powers.

The NKP denounced the proposed changes, arguing that Norway’s participation in NATO’s nuclear strategy cannot justify investments in weapons capable of mass destruction.

The communists also linked the proposal to the weakening of ethical oversight following controversy over the fund’s investments in companies implicated in Israel’s occupation and military operations against Palestinians. They recalled the August 2025 exclusion of Caterpillar and several Israeli financial companies, followed by restrictions on the powers of the fund’s independent Council on Ethics.

According to the party, imperialist competition over markets, resources and strategic influence is driving militarization, while workers and their families bear the devastating consequences of war.

The NKP demanded the rejection of investments in nuclear weapons manufacturers, the restoration of independent ethical oversight and divestment from companies implicated in serious violations of Palestinian rights.

It also called on Norway to join the United Nations Treaty on the Prohibition of Nuclear Weapons and urged trade unions, peace organizations and solidarity movements to mobilize against the proposed changes.

The party stressed that public wealth must serve peace, social welfare and human needs rather than the profits of the arms industry.

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