讀後心得

Norway's sovereign wealth fund, which amounts to $1.8 trillion, has long banned investments in specific arms manufacturers. As global geopolitical risks rise, Norway's opposition Conservative Party is calling for the removal of this restriction, arguing that investments in the Western defense industry should be expanded to enhance security. Conservative Party Vice Chairman Bru emphasized that the current security crisis requires a change in the fund's ethical standards, allowing investments in arms manufacturers critical to Western security. The Norwegian government's defense spending has increased due to heightened geopolitical risks, but it still adheres to ESG criteria, limiting investments in military stocks. Recently, attitudes towards military stocks seem to have shifted.

Norway's sovereign wealth fund has a scale of up to $1.8 trillion, and for a long time, there have been certain restrictions on investments in specific arms manufacturers. The opposition believes that with the rising global geopolitical risks, these long-term restrictions are no longer reasonable and should be lifted. The center-right Conservative Party points out that Russia's full-scale invasion of Ukraine and the rearmament actions of countries like China mean that the Norwegian government should consider relaxing the ban on specific arms dealers. The party's vice-chairman stated, "We are facing the most serious security crisis since World War II, and we urgently need to expand investments in the Western defense industry to ensure the safety of ourselves and our allies."

She believes that the Norwegian Prime Minister should review the ethical framework of the sovereign wealth fund, clearly defining which weapons manufacturers are important for Western security as investment targets. She pointed out, "Important arms manufacturers are excluded from our oil fund's investment scope, while the government uses the national budget to purchase weapons from these arms manufacturers, which is very unreasonable."

Norway's "Government Pension Fund Global" is the world's largest sovereign wealth fund, with assets reaching $1.8 trillion, and has invested in over 8,650 companies in more than 60 countries worldwide. Since the 2000s, the fund has prohibited investments in companies involved in key components of nuclear weapons. According to its ethical guidelines, the fund is prohibited from investing in any enterprises involved in producing cluster munitions, anti-personnel mines, tobacco, etc. For example, the UK's BAE Systems is excluded for producing important components for nuclear weapons, while America's Lockheed Martin is blacklisted for producing cluster munitions.

As discussions arise about whether the sovereign fund should relax investment restrictions in response to geopolitical changes, defense spending has increased alongside rising geopolitical risks, significantly boosting profits in the military-industrial complex. Based on ESG (Environmental, Social, Governance) factors, military stocks, which are considered "evil industries," typically do not make it into investment portfolios. However, in recent months, ESG fund managers seem to be increasingly comfortable with holdings in the military-industrial sector.

• The size of Norway's sovereign wealth fund reaches $1.8 trillion.
• The opposition believes investment restrictions on specific arms dealers should be lifted.
• The Conservative Party points out the current security crisis requires expanded defense investments.
• The sovereign fund enforces a ban on investments in companies involved in nuclear weapons.
• Profits in the military-industrial sector have increased as geopolitical risks rise.