Norway’s largest pension fund has cut ties with Caterpillar due to the US bulldozer company’s alleged contribution to the construction of illegal settlements and other human rights violations by Israel’s armed forces in the West Bank and Gaza.
KLP took the decision to divest its $69m stake in the Texas-based industrial manufacturing group earlier this month after Caterpillar failed to provide satisfactory assurances that it was taking action to reduce the risk of its equipment being used by the Israeli military against Palestinians in violation of international law.
“For a long time, Caterpillar has supplied bulldozers and other equipment that has been used to demolish Palestinian homes and infrastructure to clear the way for Israeli settlements,” said Kiran Aziz, head of responsible investments at KLP.
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