Turkiye and Japan: Standing Together Against Oppression in Gaza

Turkiye and Japan should stand together against oppression in Gaza, leveraging their friendship to address current crises. The two nations have a long history of cooperation and can work together to promote peace and stability in the region. As the world's collective conscience, they must use their influence to condemn violence and promote human rights.

Norway's sovereign wealth fund, the world's largest, has taken a significant step in addressing human rights violations in Gaza. On Monday, the fund announced it had divested from American construction equipment manufacturer Caterpillar Inc and five Israeli banks due to their alleged involvement in human rights abuses [1].

The $1.9 trillion fund's executive board cited advice from its ethics council, which determined that these entities contribute to serious violations of the rights of individuals in war and conflict situations. The ethics council specifically mentioned that bulldozers manufactured by Caterpillar are used by Israeli authorities for the unlawful destruction of Palestinian property [1].

Caterpillar's products are being used to commit extensive and systematic violations of international humanitarian law, according to the ethics council. The company has not implemented measures to prevent their use for these purposes, making it an unacceptable risk to the fund [1].

The divestment from Caterpillar is significant as the fund held a 1.2 percent stake in the company, valued at $2.4 billion as of December 31, 2024. This move comes amidst a decline in Caterpillar's profits due to unfavourable manufacturing costs resulting from higher tariffs [1].

The Norwegian fund also divested from five Israeli banks financing the construction of illegal settlements in the occupied West Bank. The banks include First International Bank of Israel, FIBI Holdings, Bank Leumi, Mizrahi Tefahot, and Bank Hapoalim, with a combined value of $661 million as of June 30, 2024 [1].

This divestment follows a series of actions by the fund in response to public outcry and pressure from pro-Palestinian activists. Earlier this month, the fund announced it was divesting from 11 Israeli companies, including an Israeli jet engine maker providing parts for Israeli fighter jets [1].

The move is part of the fund's broader aim to ensure a long-term management of Norway's oil and gas resources, benefiting both current and future generations. The fund's actions have sparked debate and pressure from various stakeholders, including the Norwegian parliament and the country's Labour Party-led government [1].

References:
[1] https://www.middleeasteye.net/news/norway-wealth-fund-divests-caterpillar-over-human-rights-violations-gaza