The Norwegian sovereign wealth fund, the largest in the world, announced that it has divested its shares in the American construction equipment company Caterpillar due to the involvement of its bulldozers in human rights violations in Gaza. The fund stated in a Monday statement that Caterpillar’s products are used to commit widespread and systematic violations of international humanitarian law in the Palestinian sector devastated by the ongoing Israeli war for nearly two years. The fund, owned by the Norwegian central bank, decided to divest these shares based on a recommendation from its Ethics Council. According to the fund’s Ethics Council, the bulldozers manufactured by Caterpillar are used by Israeli authorities for the illegal and widespread destruction of Palestinian property. The American group has not taken any measures to prevent such use.

The Norwegian sovereign wealth fund, valued at about $1.9 trillion and fueled by the country’s oil export revenues, holds investments in more than 8,600 companies worldwide. The fund was one of the top ten shareholders in Caterpillar, owning 1.2% of its capital, equivalent to $2.4 billion. In its statement, the fund also announced its withdrawal from five Israeli banks accused of financing the construction of illegal settlements in the West Bank. The five Israeli banks are First International Bank of Israel, FIBI Holdings, Bank Leumi, Mizrahi Tefahot, and Bank Hapoalim. Earlier in August, the fund announced divestment from 11 Israeli companies involved in the Gaza war.