HEADQUARTERS
Helsinki, Finland
publicly traded
YES
LARGEST SHAREHOLDERS
BlackRock (5.6%)
Norges Bank Investment Management (5%)
Nordea Fonden (4.4%)
Vanguard (4.3%)
Cevian Capital (3.6%)
Swedbank Robur Fonder (1.8%)
total assets
£513 billion (€623 billion)
operations
Northern Europe
financing overview
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climate crisis
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palestine occupation
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£4,749,544,000
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£1,668,800,000
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#55 in fossil fuel financing globally
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Provides loans and underwriting to Carlsberg and the Volvo Group
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Company highlights and involvement
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company involved
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funding
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climate crisis
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palestine occupation
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GAZA GENOCIDE
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CARLSBERG
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£848m
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VOLVO GROUP
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£821m
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EQUINOR
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£445m
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Companies bankrolling the OCCUPATION OF PALESTINE
Funded: £821M
palestine occupation
Volvo Group is a Swedish multinational company which manufactures trucks, buses, construction equipment, and marine and industrial engines. Since 2020, Al-Haq reported several instances of Volvo bulldozers being used during unlawful demolitions of Palestinian structures including residential buildings and water structures. In June 2022, Volvo machinery was reportedly used in the raiding and demolishing of residential tents and animal shacks in Al-Fakheet and Al-Markez villages, after the Israeli Supreme Court had ruled in favour of the expulsion of eight villages in the region of Masafer Yatta in May 2022. Volvo heavy-duty machines were also used in 2023 in home demolitions in Palestinian neighbourhoods in the occupied West Bank and East Jerusalem.
Volvo’s importer and distributor in Israel is Mayer Cars and Trucks Ltd, including for bus chassis. Volvo Bus Corporation (26.5%) and Mayer jointly own Merkavim. Merkavim uses Volvo chassis for its armoured Mars buses that are used in services to Israeli settlements. Mayer and Merkavim are included in the updated UN Database (June 2023).
Funded: £848M
palestine occupation
Carlsberg is a Danish beer brewing company. Its exclusive Israeli licensee, the Central Beverage Company (CBC), controls around 40% of the Israeli soft drinks market with products like Co- ca-Cola, Fanta, Sprite, and FuzeTea, but it also markets alcoholic beverages. Its wholly-owned marketing subsidiary, the Central Beverage Distribution Company (CBC), operates a regional distribution center and cooling houses in the Atarot Settlement Industrial Zone in the occupied West Bank. Tabor Winery, another subsidiary, produces wines from vineyards in West Bank settlements.
Carlsberg’s activities are concerning because they are linked to the use of natural resources, particularly water and land, for business purposes.
Companies bankrolling the CLIMATE CRISIS
Funded: £445m
Climate Crisis
gaza genocide
Equinor, Norway’s state-owned oil giant and largest operator on its continental shelf, cynically promotes itself as sustainable while aggressively expanding fossil fuel extraction. The company has been exposed for misleading claims about the effectiveness of its carbon capture technology. Additionally, the UK Advertising Regulator banned its greenwashing ads for misrepresenting the share of renewables in its energy mix. Its net-zero pledge rings hollow as it launches new Arctic drilling at Johan Castberg and pursues the ecologically catastrophic Wisting field, while conducting risky deep-sea exploration in Argentina’s vulnerable waters and ignoring indigenous impacts in Canada’s Bay DuNord project.
Equinor’s partnership with Ithaca energy on the Rosebank field has drawn criticism due to Ithaca’s majority owner Delek group being listed on a UN database of companies operating in Israel’s West Bank settlements, considered illegal under international law. Delek group has come under further scrutiny of late due to its links to the Israeli military, with the company being accused of providing fuel for genocidal operations in Gaza. This partnership with Ithaca makes Equinor not only complicit in the destruction of the planet, but also the genocide of Palestinians.