Norway Suspends Wealth Fund Ethics Rules to Shield Big Tech (2)

Norway’s parliament voted to pause “ethical” divestment from its $2.1 trillion sovereign wealth fund while it rewrites the rules, marking an historic moment for the world’s largest investor and raising fundamental questions about its approach to ESG.

The Labor government in Oslo relied on conservative opposition votes to force through the measure, which will allow the fund to retain stakes in companies including Microsoft Corp., Amazon.com Inc. and other tech giants. Under existing guidelines, their links with Israel’s war in Gaza could have forced the fund to divest.

It’s the first time in the wealth fund’s history that Norway ...