Norway excludes nuke companies

January 14, 2013

15 January 2012

The Norwegian Ministry of Finance announced on Friday that it had excluded the US companies Babcock & Wilcox and Jacobs Engineering from its sovereign wealth fund owing to their involvement in nuclear weapons production. Babcock & Wilcox operates facilities producing fissile materials for nuclear warheads, while Jacobs Engineering is part of a company developing, producing and maintaining nuclear weapons.

ICAN campaigners in Norway had been pressuring the Norwegian government to divest from these and other companies following the publication of the Don’t Bank on the Bomb report in March 2012. The campaigners drew public attention to the investments through television and print media. The value of the Norwegian fund’s shares in these two companies at the end of 2011 was US$33.71 million.

For more information:

→ Norwegian fund’s exclusion decision

→ ICAN’s Don’t Bank on the Bomb report


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