Norwegian pension fund dumps Caterpillar over Gaza war risks

Norwegian pension fund KLP has divested its stake of close to $70m in US industrial group Caterpillar due to the risk that its equipment is being used to violate human rights in occupied Palestine. Norway’s largest private pension manager said in a statement released on Wednesday that the manufacturer of bulldozers and other heavy machinery could be “contributing to human rights abuses and violation of international law in the West Bank and Gaza”. “For a long time, Caterpillar has supplied bulldozers and other equipment that has been used to demolish Palestinian homes and infrastructure to clear the way for Israeli settlements,” said Kiran Aziz, head of responsible investments at KLP, in the statement. “Although Caterpillar has shown itself willing to engage in dialogue with KLP, the answers gave little credibility that they have taken good measures to reduce the risk of complicity in violations of human rights in war and conflict situations, as well as international law,” Aziz said.