Source: International Campaign to Abolish Nuclear Weapons
Geneva 15 October 2026
The International Campaign to Abolish Nuclear Weapons (ICAN) urges Norway to maintain its exclusion of nuclear weapons producers from the Government Pension Fund Global, following a government-appointed committee’s recommendation to open the fund to companies involved in the nuclear weapons industry.
The proposal would allow companies based in the United States, France and the United Kingdom – previously excluded for their involvement in nuclear weapons production – to become eligible for investment.
“Nuclear weapons are weapons of mass destruction, there is nothing ethical about them. The Norwegian oil fund is responsible for protecting the future for Norwegians. Investing in the companies manufacturing nuclear weapons, at a time of a nuclear arms race, makes it more likely that they will be used again. Norway would make itself complicit, knowingly, when nuclear weapons are used again.” said Melissa Parke, ICAN’s executive director.
The committee, chaired by former central bank governor Svein Gjedrem, presented its report to Finance Minister Jens Stoltenberg on 15 October. Presenting the recommendations, Gjerdrem argued that protecting Norway’s security provided an ethical justification for nuclear weapons production.
“We therefore believe it is ethical to produce nuclear weapons, as long as it is within the Non Proliferation Treaty,” he said. Stoltenberg also questioned the exclusion of companies involved in NATO’s nuclear deterrence. “Norway is part of this strategy, but the pension fund can not invest in the companies that make the strategy credible,” he said.
For ICAN, these arguments are not rooted in evidence. The Non Proliferation Treaty obliges five of the nuclear armed countries to negotiate the elimination of their arsenals, not maintain them indefinitely. Nuclear deterrence policies, as a global majority of governments have stated, increase security risks, not decrease them.
The committee is suggesting that Norway profit from the production of weapons of mass destruction, in disregard for humanitarian principles. The exclusion is based on the unacceptable humanitarian consequences of nuclear weapons which do not change according to which country produces them.
As there are not many companies involved in the production of nuclear weapons, nuclear weapon exclusion policies have not had a significant impact on investor returns. Making an exception, would undermine a standard Norway has helped establish for responsible investment.
The proposal comes after France’s push to expand nuclear weapons cooperation across Europe. Though few details about the scope of this cooperation have been made public. Senior leaders in some French companies in particular have openly advocated for increased nuclear weapons development.
ICAN studies have shown that the companies involved in nuclear weapon production are spending millions lobbying politicians.
Parliament rejected a similar initiative just last year on 4 June 2025: A proposal from the Progress Party (Frp) to allow the fund to invest in weapons manufacturers producing components for nuclear weapons – was defeated by 90 to 12. No other party supported the proposal.
ICAN urges the government and parliament to uphold the nuclear weapons exclusion criteria and ensure that a fund intended to safeguard future generations does not invest in weapons that threaten their survival.
About ICAN
The International Campaign to Abolish Nuclear Weapons (ICAN) is a coalition of non-governmental organizations in one hundred countries promoting adherence to and implementation of the United Nations nuclear weapon ban treaty. This landmark global agreement was adopted in New York on 7 July 2017. The campaign was awarded the Nobel Peace Prize 2017, for its “groundbreaking efforts to achieve a treaty-based prohibition” of nuclear weapons. More information about ICAN can be found at: https://www.icanw.org