讀後心得

Norway's sovereign wealth fund has reached 1.8 trillion dollars, with long-term restrictions on investing in specific arms manufacturers. Due to the current rise in global geopolitical risks, Norway's Conservative Party is calling for the lifting of this ban, arguing that investment in the Western defense industry should be expanded to enhance security. Conservative Party Vice Chairman Bru stated that it is unreasonable for the government to prohibit the fund from investing in companies that produce nuclear weapons and cluster munitions while simultaneously using weapons from these companies. The Norwegian sovereign fund has prohibited investments in certain military-industrial companies since the 2000s, and most ESG criteria do not consider military stocks; however, recent trends seem to indicate a shift.

The Norwegian Sovereign Wealth Fund has a scale of up to $1.8 trillion and has long had certain restrictions on investing in specific arms manufacturers. With the current rise in global geopolitical risks, the opposition believes these long-standing restrictions are no longer reasonable and is calling for their removal. The center-right Conservative Party pointed out that Russia's full-scale invasion of Ukraine and the rearming of countries like China mean that the Norwegian government should consider lifting the ban on certain arms dealers. The party's vice chairman mentioned, "We are currently facing the most serious security crisis since World War II, and we urgently need to increase investments in the Western defense industry to ensure the safety of ourselves and our allies."

She believes that the Norwegian Prime Minister should reassess the ethical framework of the Norwegian Sovereign Wealth Fund, clearly identifying which arms manufacturers are crucial for Western security and allowing these companies to become potential investment targets. She emphasized, "Some major Western arms manufacturers are excluded from our fund's investment scope, while the government still uses state budgets to procure weapons from these dealers, which is truly unreasonable."

Norway's Government Pension Fund Global (GPFG) is the largest sovereign wealth fund in the world, with assets totaling $1.8 trillion, investing in over 60 countries and more than 8,650 companies. Since the 2000s, GPFG has been prohibited from investing in companies that produce key components for nuclear weapons. According to ethical guidelines, companies involved in the production of cluster munitions, anti-personnel landmines, and tobacco are not allowed for investment by GPFG.

For example, the UK defense contractor BAE Systems has been excluded from investment targets due to its production of key components for nuclear weapons; the US-based Lockheed Martin has been blacklisted for producing cluster munitions. As discussions intensify in Norway about whether the sovereign fund should ease investment restrictions in response to geopolitical changes, defense spending has increased, and the profits of the military-industrial sector have risen accordingly. Based on ESG (environmental, social, and governance) considerations, military stocks, often viewed as part of the "evil industry," typically do not make it into investment portfolios. However, in recent months, ESG fund managers seem to gradually accept holding shares in the military industrial sector.