Norway’s largest private pension fund divested from Caterpillar, selling shares and bonds worth $69 million this month. The decision was made due to concerns about Israel’s use of Caterpillar bulldozers for war crimes in Gaza and the West Bank.
KLP, the pension fund, took this step as part of its movement to divest from companies supporting illegal Israeli settlements on Palestinian land. According to Bloomberg, Kiran Aziz, KLP’s head of responsible investments, highlighted the continuous use of Caterpillar bulldozers in occupied Palestinian territory, leading to human rights warnings from various organizations.
Israel has used Caterpillar equipment to advance its occupation in Palestine, with instances of demolishing buildings and homes. KLP emphasized the risk of Caterpillar equipment being used in more serious human rights violations against Palestinians, leading to their decision to divest.
Caterpillar has long been a target of the Boycott, Divestment and Sanctions movement due to its involvement in enabling illegal Israeli settlements. KLP’s decision also aligns with a statement by UN human rights experts blacklisting Caterpillar for potential complicity in serious human rights violations.
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