Progress Party Backs Labor Proposal to Suspend Oil Fund Ethics Council

Norway's Progress Party will vote in favor of the Labor Party's proposal to suspend the Ethics Council for the Government Pension Fund Global. The party's finance policy spokesperson confirmed this position in a statement to media. The decision likely secures majority support when Parliament votes later today. The Conservative Party and Center Party have also expressed support for the Labor initiative. This creates an unusual political alliance across traditional left-right divides. The Government Pension Fund Global is the world's largest sovereign wealth fund, valued at over $1.4 trillion. It follows ethical guidelines that exclude investments in companies involved in certain activities. The Ethics Council advises on which companies violate these ethical standards. This temporary suspension could pause new exclusions from the fund's investment portfolio. Political observers note this cross-party cooperation reflects shared concerns about the council's recent decisions. The vote represents a significant shift in how Norway manages its massive oil wealth.