America expresses concern over Norway's wealth fund withdrawing investments from Caterpillar.

In the wake of global outrage over the humanitarian crisis in Gaza caused by Israel's military assault, the Norwegian wealth fund has made a significant move. The world's largest sovereign wealth fund has divested from Caterpillar, a US-based corporation, due to the use of its products by Israeli authorities in Gaza and the Israeli-occupied West Bank.

Images of starving Palestinians, including children, have sparked international condemnation. Accusations of genocide and war crimes have been levelled against Israel in relation to its post-October 2023 assault on Gaza. Israel, however, denies these allegations.

The latest bloodshed in the Israeli-Palestinian conflict was triggered in October 2023 when Hamas militants attacked Israel, resulting in the death of 1,200 people and the internment of about 250 hostages, according to Israeli tallies.

While the Norwegian government maintains a hands-off approach in assessing individual companies for the fund's ethics watchdog, it is the government's role to operate the fund. The executive board of Norges Bank, an independent body, makes decisions on excluding companies from the fund if they breach its ethical guidelines, as agreed by parliament.

The Norwegian wealth fund's ethics watchdog has stated that Caterpillar has not implemented any measures to prevent such use of its products. This decision by the fund has prompted concerns from the US state department, with its spokesperson stating that it appears to be based on "illegitimate claims" against Caterpillar and the Israeli government.

Caterpillar's bulldozers are being used by Israeli authorities to commit "extensive and systematic violations of international humanitarian law," including the "widespread unlawful destruction of Palestinian property." The company has not responded to requests for comment on the move by the fund.

The US state department is engaging directly with the Norwegian government on this matter, but no U.S. government official has spoken with Norwegian Finance Minister Jens Stoltenberg about the divestment of the Norwegian pension fund from Caterpillar, as of Tuesday, November 8, 2023.

In other news, Stoltenberg has been in touch with US President Trump's economic adviser, Kevin Hassett, on trade, tariffs, economic sanctions against Russia, and support for Ukraine. The pension fund was not a topic of discussion between the two.

The foreign ministry did not immediately reply to a request for comment. Republican US senator Lindsey Graham has suggested retaliation in the form of tariffs and visa revocations in response to the Norwegian fund's decision.

As the situation continues to unfold, the international community watches with bated breath, hoping for a resolution to the ongoing crisis in Gaza.

America expresses concern over Norway's wealth fund withdrawing investments from Caterpillar.