Norway may authorize investments in defense companies if the new rules are adopted. Norway was involved in a global debate about global security and dependence on NATO. The changes in this context have influenced Norway's decision to reform its ethical norms.

The new rules proposed by the Government Commission provide an exception for companies domiciled in a state possessing nuclear weapons under the Nuclear Non-Proliferation Treaty and allies of Norway in NATO. Among the other defense groups included in the list of exclusions are Airbus, Boeing, BAE Systems, Lockheed Martin, Safran, Thales, BWX Technologies, Northrop Grumman, Fluor, General Dynamics, Huntington Ingalls Industries, Jacobs Solutions, L3Harris Technologies, and L&T. The commission's proposals will form the basis for the government's decisions, within the annual programmatic document on the sovereign fund that is expected in spring 2027.

In anticipation of the proposal presented yesterday, the Norwegian parliament had suspended state disinvestments due to ethical reasons, according to some observers, citing pressure from the US administration during the Trump era. It is noteworthy that more than half of the fund's assets are invested in the United States. Among the proposed changes by Oslo's commission, there is also a revision of transparency mechanisms of the fund to make it public the reasons for disinvestments that were previously approved after the ethical council's opinion.

The ethical council should be maintained, but its functioning must be reformed to ensure greater transparency and accountability. Minister of Finance Jens Stoltenberg, former Secretary-General of NATO, has asked the commission to review the ethical rules, citing changes in the context of global security and Norway's dependence on NATO's nuclear umbrella. This financial turn represents an important step towards modernizing international policies, showing how economic norms can decisively influence global security policies.