Norway’s $2 trillion sovereign wealth fund excluded heavy-equipment maker Caterpillar Inc. based on Israel’s use of its bulldozers to destroy Palestinian property in Gaza and the West Bank.
While the fund has excluded more than 20 Israeli companies this summer, Caterpillar is the first big US company to be removed in an ongoing review to ensure the fund’s investments don’t contribute to violations of international law. The fund has come under increased pressure to blacklist companies that contribute to Israel’s war in Gaza and its activities in the occupied West Bank.