Norway's Wealth Fund Faces Major Ethical Reforms Allowing Nuclear Arms Investments

• •Norway's wealth fund may invest in nuclear arms makers under new proposals.
• •The Council on Ethics could lose its power to recommend company exclusions.
• •Public consultation on the proposals will last until January 15, 2027.

Norway's Government Pension Fund Global, the world's largest sovereign wealth fund, is undergoing a review of its ethical guidelines that could allow investments in companies involved in nuclear weapons production. The Gjedrem Committee's proposals suggest weakening the Council on Ethics, which would lose its power to recommend exclusion of companies linked to serious ethical violations. This change may result in the fund investing in firms currently banned for their nuclear arms involvement, including major defense contractors. Critics, including political parties on the left, have condemned the proposals as detrimental to human rights and ethical standards. The recommendations are set for public consultation until January 15, 2027, before being assessed by the government for parliamentary approval. The fund currently excludes 14 companies due to their nuclear weapons production activities, but this could change under the new rules. The review was ordered by the Norwegian government in November 2025.