Norway’s $2-trillion sovereign wealth fund, the world’s largest, announced on 25 August that it has dropped US-based construction and mining equipment manufacturer Caterpillar and five Israeli banks over their involvement in rights abuses in Gaza and the occupied West Bank.

The banks – Hapoalim, Leumi, Mizrahi Tefahot, First International Bank of Israel, and FIBI Holdings – were cut after the fund’s Council on Ethics warned they posed an “unacceptable risk” of enabling serious violations.

The Council said Caterpillar’s machinery has been used by Israeli forces in “extensive and systematic violations of international humanitarian law” through the destruction of Palestinian property.

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