Cemex excluded from Nordea’s investment portfolio due to extraction of Palestinian natural resources
Norwegian People’s Aid (NPA) and the Norwegian Union of Municipal and General Employees (NUMGE) applaud Nordea’s decision to exclude Cemex from its investment portfolio due to the company’s extraction of non-renewable natural resources from occupied Palestinian territory
Israel’s extraction of non-renewable natural resources from the occupied West Bank provides profit to the Israeli quarrying and constructions industry, while undermining the interests of the local Palestinian population.
Norwegian People’s Aid and the Norwegian Union of Municipal and General Employees have previously urged Nordea to exclude Cemex from its investment portfolio. In this decision, Nordea shows that it takes social responsibility seriously. The NPA and NUMGE hope other banks and investors will follow Nordea’s lead and divest from Cemex.»says Liv Tørres, General Secretary in the NPA.
HeidelbergCement is another multinational company that extracts non-renewable natural resources from occupied Palestinian territory. Cemex and HeidelbergCement are depleting Palestinian natural reserves of stone and gravel. Many Norwegian banks and investors, including the Government Pension Fund, have investments in both HeidelbergCement and Cemex.
"HeidelbergCement and Cemex are making a profit from pillaging Palestinian natural resources. Companies who show a lack of respect for fundamental Human Rights and International Conventions should face consequences. Norwegian authorities, banks and investors need to renounce this activity, and divest from both companies.” Says Stein Guldbrandsen, member of the Working Committee in NUMGE.
Norwegian People’s Aid and the Norwegian Union of Municipal and General Employees collaborate on a project examining Norwegian ties to the Israeli occupation. The report, “Dangerous Liaisons: Norwegian ties to the Israeli Occupation”, was published in Norwegian in May 2012. The report demonstrates how Norwegian authorities and companies, through financial investments and trade, are involved in activities that contribute to Israel’s breaches of international law and human rights. The full report is available in English here:http://www.npaid.org/Media/20_Files/Om-oss/Annual-reports/Dangerous-liaisons