Norway fund may invest in nuclear weapon firms, report says
A commission recommends changes to ethical guidelines for the world's largest sovereign wealth fund.
AI-assisted coverage comparison, editor-supervised · How this was made
Norway fund may invest in nuclear weapon firms, report says
Photograph: Nieuws.nl (embedded from source)
What this story says
- Norway's sovereign wealth fund could be allowed to invest in companies that manufacture nuclear weapons, following a recommendation from a government-commissioned report.
- The fund, valued at over $2.2 trillion, currently excludes 14 companies involved in nuclear arms production.
- A commission chaired by former central bank governor Svein Gjedrem presented the report on Thursday.
- The report also proposes that the fund's Ethics Council lose its direct authority to recommend company exclusions.
Who covered it
Percentages are shares of the 10 outlets carrying a published leaning rating. 18 of the 28 outlets we know ran this story carry no rating and are not counted in them. Coverage measured .
Trust
86/100
Craft
95/100
Hype
28/100
28 sources · methodology
Thin on the left so far
Only 1 of the 10 outlets with a published leaning rating that ran this story are rated left.
This story is still being watched, so it is a count and not yet a finding. Coverage keeps arriving for hours after an event, and a side that has published nothing this morning may publish by tonight. If it is still true when we stop checking, we will say so plainly.
A commission in Norway has recommended that the nation's sovereign wealth fund be permitted to invest in companies that produce nuclear weapons. The fund, which is the world's largest, currently prohibits investments in 14 companies due to their involvement in developing or manufacturing nuclear arms or their components. The commission's report was presented on Thursday.
The commission, chaired by former central bank governor Svein Gjedrem, was established to review the fund's ethical guidelines. Its report suggests that investments in nuclear arms makers would only be allowed if the companies are based in a nuclear-weapon state as defined by the Treaty on the Non-Proliferation of Nuclear Weapons and are allied with Norway. The report also proposes changes to the Ethics Council, an independent body that advises the central bank, which manages the fund. The council would retain its responsibility for assessing ethical risks but would no longer have the direct power to recommend company exclusions.
Disagreement on fund size
Reports differ on the exact total assets of Norway's sovereign wealth fund. The Local states the fund's assets are more than $2.2 trillion. Reuters and other digests report the figure as $2.3 trillion. DiarioBitcoin, bworldonline.com, and WTVB also cite $2.3 trillion.
What the coverage left out
None of the right-rated digests mention the specific details of the commission's proposed investment criteria, such as requiring companies to be based in a nuclear-weapon state allied with Norway. The left-rated report, The Local, did include this detail.
Still developing. We have re-checked which outlets are covering this 7 times, most recently on 15 Oct 2026, 13:15, and will add the sides that appear.
How each side covered it
Our own reading of the reporting listed below, written from the outlets’ articles rather than quoted from them. The reasoning is set out on our methodology page.
Left
1 rated outlet
- The Local, the sole left-rated report, highlighted that Norway may allow its wealth fund to invest in firms that make nuclear weapons. It noted that the fund currently excludes 14 companies, including major defence contractors like Airbus and Lockheed Martin. The report also mentioned that the Norwegian government initiated the review following criticism of its investments related to the war in Gaza. The Local included a quote from Svein Gjedrem stating that "several British, French and American arms manufacturers will be brought back into the fund." It also noted that "some political parties, particularly those on the left, have already criticised the report."
Centre
4 rated outlets
- The centre-rated reports from Reuters, bworldonline.com, and WTVB focused on the commission's conclusion that Norway should permit its sovereign wealth fund to invest in major Western defence groups. These reports stated the fund's value at $2.3 trillion and noted that these groups are currently banned due to their involvement in nuclear arms production. WTVB also mentioned that the overhaul of ethical rules comes in response to a state-appointed commission's findings and follows a year after the fund paused divestments.
Right
5 rated outlets
- The right-rated reports from Reformatorisch Dagblad, Handelsblatt, Aftenposten, ARY News, and Free Malaysia Today News indicated that experts want to loosen ethics rules for Norway's sovereign funds. They reported that the fund, valued at $2.3 trillion according to Handelsblatt, may once again be allowed to invest in companies producing nuclear weapons. Handelsblatt noted that the revision of fund guidelines follows controversy with the Trump administration. ARY News and Free Malaysia Today News specifically mentioned that the Donald Trump administration had protested the fund's divestment from Caterpillar shares over the use of bulldozers in Gaza and the West Bank.
Questions about this coverage
- How did the left and right cover Norway fund may invest in nuclear weapon firms, report says?
- Of the 10 outlets on this story carrying a published leaning rating, 10% are rated left, 40% are rated centre, 50% are rated right. Those percentages are shares of the rated outlets, not of every outlet that ran it, which was 28. The sections above set out what each side emphasised, in its own terms.
- Is Norway fund may invest in nuclear weapon firms, report says left or right?
- Too few of the outlets on this story carry a published leaning rating to say. 10 of them do, and this site does not characterise a field under 12: at that size one newsroom filing moves the share by ten points. The percentages above are the count as it stands.
- Is the coverage of Norway fund may invest in nuclear weapon firms, report says biased?
- Norway fund may invest in nuclear weapon firms, report says is one event reported by 28 outlets, and this page does not rate the story as biased or unbiased. What it publishes is the spread: which outlets ran it, where named rating organisations place each of them on the spectrum, and what each side chose to lead with. A leaning rating describes an outlet's record over time, not this article, and the two should not be run together.
- Which side is not reporting Norway fund may invest in nuclear weapon firms, report says?
- When we first saw this story, outlets rated left had barely covered it. Coverage accretes for hours after an event, so that is where to look rather than a verdict — the split above is the current count, and it is the one to read.
- Which outlets covered Norway fund may invest in nuclear weapon firms, report says?
- 28 that we know of, every one of them listed further up this page with a link to its own report and to what we hold on the publisher. Nothing here is a summary of somebody else's summary: the outlets are named so the original reporting can be read.
- What is the main recommendation of the commission?
- The commission recommends that Norway's sovereign wealth fund should be allowed to invest in companies that produce nuclear weapons. This would represent a change from the fund's current ethical guidelines, which exclude 14 such companies.
- How much is Norway's sovereign wealth fund worth?
- Reports vary on the exact figure, with some stating it is more than $2.2 trillion and others reporting it as $2.3 trillion. It is described as the world's largest sovereign wealth fund.
- What changes are proposed for the Ethics Council?
- The commission suggests that the Ethics Council would lose its direct authority to recommend that companies be excluded from the fund's portfolio. It would still assess ethical risks, but the final decision on exclusions would rest elsewhere.
Read it at the source
28 outlets, grouped by the leaning a published rating gives them. Every headline links to the original; an underlined outlet name opens our profile of that publisher.
Left
1Centre
4- Norway's sovereign wealth fund should invest in major defence groups, commission concludes (opens Reuters in a new tab)
- Norway’s sovereign wealth fund should invest in major defense groups, commission concludes - BusinessWorld Online (opens bworldonline.com in a new tab)
bworldonline.com — is bworldonline.com biased? Our profile of this outlet
- Norway: Sovereign Wealth Fund Could Reopen Door to Nuclear Weapons Manufacturers (opens France24 in a new tab)
- Norway’s wealth fund set to overhaul ethical rules after US scrutiny (opens WTVB in a new tab)
Right
5- Norwegian Government Fund May Be Allowed to Invest in Nuclear Weapons Again (opens Reformatorisch Dagblad in a new tab)
Reformatorisch Dagblad — is Reformatorisch Dagblad biased? Our profile of this outlet
- Shares: Experts Want to Loosen Ethics Rules for Norway's Sovereign Funds (opens Handelsblatt in a new tab)
Handelsblatt — is Handelsblatt biased? Our profile of this outlet
- Stoltenberg Receives Report on the Petroleum Fund's Ethical Framework (opens Aftenposten in a new tab)
Aftenposten — is Aftenposten biased? Our profile of this outlet
- Norway's wealth fund set to overhaul ethical rules after US scrutiny (opens ARY News in a new tab)
- Norway’s wealth fund set to overhaul ethical rules after US scrutiny (opens Free Malaysia Today News in a new tab)
Free Malaysia Today News — is Free Malaysia Today News biased? Our profile of this outlet
Not rated
18- Norway may allow wealth fund to invest in nuclear weapon makers (opens Insider Paper in a new tab)
Insider Paper — is Insider Paper biased? Our profile of this outlet
- Strong Reactions to Proposed Ethical Changes in the Oil Fund: – Completely Irresponsible (opens mn24.no in a new tab)
mn24.no — is mn24.no biased? Our profile of this outletOpinion
- Norway Plans to Open Its Sovereign Fund to Arms Giants (opens Le Singulier in a new tab)
Le Singulier — is Le Singulier biased? Our profile of this outlet
- Norwegian Proposal Opens Oil Fund to Nuclear Weapons Companies (opens nyadagbladet.se in a new tab)
nyadagbladet.se — is nyadagbladet.se biased? Our profile of this outlet
- Norway may let wealth fund invest in nuclear weapon makers (opens BizToc in a new tab)
- Norway May Allow Major Fund to Invest in Nuclear Weapons Manufacturers (opens pmo.ee in a new tab)
- Norwegian Government Fund May Be Allowed to Invest in Nuclear Weapons Again (opens welingelichtekringen.nl in a new tab)
welingelichtekringen.nl — is welingelichtekringen.nl biased? Our profile of this outlet
- Norwegian Sovereign Wealth Fund May Be Allowed to Invest in Nuclear Weapons Again (opens Nieuws.nl in a new tab)
Show 10 more
- Will Open up Investments in Companies that Make Nuclear Weapons (opens Norge IDAG in a new tab)
Norge IDAG — is Norge IDAG biased? Our profile of this outlet
- Norway Evaluates Opening Its Sovereign Fund to Large Defence Companies (opens DiarioBitcoin in a new tab)
DiarioBitcoin — is DiarioBitcoin biased? Our profile of this outlet
- New Report on Oil Fund Ethics: Will Open for Investment in Companies that Make Nuclear Weapons (opens Dagens Medicin in a new tab)
Dagens Medicin — is Dagens Medicin biased? Our profile of this outlet
- Now the Door Is Opening for the Nuclear Giants (opens inyheter.no in a new tab)
inyheter.no — is inyheter.no biased? Our profile of this outletOpinion
- New Report on Oil Fund Ethics: Proposes Significant Changes (opens TV 2 in a new tab)
- New Report on Oil Fund Ethics: Will Open for Investment in Companies that Make Nuclear Weapons (opens Nettavisen in a new tab)
Nettavisen — is Nettavisen biased? Our profile of this outlet
- New Report on Oil Fund Ethics: Will Open for Investment in Companies that Make Nuclear Weapons (opens fvn.no in a new tab)
- Proposes New Ethics Rules for the Oil Fund: Will Open up Investments in Companies that Make Nuclear Weapons (opens dn.no in a new tab)
- New Report: How They Want to Change the Oil Fund's Ethics Council (opens E24 in a new tab)
- Debate Contribution: The Pension Fund's Ethical Framework Must Stand up to Scrutiny (opens VG in a new tab)
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