Two of Norway’s leading opposition parties are calling for a major policy shift that would let the country’s $1.8 trillion sovereign wealth fund invest in weapons makers, reversing a long-standing restriction rooted in ethical concerns, the Financial Times reported on Sunday.

The country’s Government Pension Fund Global — the world’s largest — has been prohibited from holding shares in most defense manufacturers since the early 2000s because of parliamentary rules excluding companies involved in the production of nuclear or cluster munitions. This ban has blocked investments in major firms such as Boeing (NYSE:BA), Lockheed Martin (NYSE:LMT), Airbus (OTCPK:EADSF) (OTCPK:EADSY) and Honeywell (NASDAQ:HON).

Now, with national elections approaching, the center-right Conservative Party and the right-wing Progress Party argue that the policy is outdated, particularly given Norway’s reliance on NATO and U.S. military protection.

Erna Solberg, former prime minister and current Conservative leader, described the current restrictions as "completely crazy," calling it ironic that Norway bans investment in nuclear weapons manufacturers while depending on their products for national defense, the FT reported.

Hans Andreas Limi, a Progress Party lawmaker, introduced a private bill in parliament to lift the prohibition, a move that would permit investments in companies such as Northrop Grumman (NYSE:NOC), BAE Systems (OTCPK:BAESF) (OTCPK:BAESY), General Dynamics (NYSE:GD) and Safran (OTCPK:SAFRF) (OTCPK:SAFRY) — all currently excluded. Limi criticized the existing rules as inconsistent:

Buying defense equipment from the companies without investing in them is “hypocritical,” he said.

Their push comes amid a broader global rethinking of defense investment ethics following Russia’s 2022 invasion of Ukraine, which led to a surge in military spending across Europe.

As a heavyweight investor — holding roughly 1.5% of all listed stocks globally and 2.5% in Europe — Norway’s fund plays a key role in shaping broader market sentiment, the FT reported.