Stoltenberg on Norway Wealth Fund, Greenland, Ukraine

Watch on YouTube ↗  |  January 21, 2026 at 14:10  |  10:48  |  Bloomberg Markets
Speakers
Jens Stoltenberg — Former Secretary General, NATO

Summary

Norway Finance Minister and former NATO chief Jens Stoltenberg speaks at the 2026 World Economic Forum in Davos about Greenland, NATO, Ukraine, and Norway's sovereign wealth fund. He calls the Greenland dispute serious but says Denmark, Greenland, and the US need dialogue within NATO norms. He says Ukraine remains the top security threat and Russia is paying a high price for the war, while the transatlantic relationship is difficult but resilient. On the $2 trillion Norwegian wealth fund, he sees no reason to pull back from the US and describes it as a long-term global index investor.

  • Jens Stoltenberg, Norway's finance minister and former NATO chief, speaks at Davos 2026.
  • He calls the Greenland crisis serious because a NATO ally is challenging Denmark's sovereignty.
  • He supports more NATO and Arctic cooperation but says sovereignty must be respected.
  • He says Ukraine remains the most serious security threat and urges continued support.
  • He says Russia is paying a high economic and military price but will not necessarily collapse.
  • He says the transatlantic relationship is difficult yet has survived past crises.
  • He sees no reason for Norway's $2 trillion sovereign wealth fund to reduce US investments.
  • He describes the fund as a long-term global index investor that mirrors market size.
Ideas
Jens Stoltenberg Former Secretary General, NATO 9:58
No reason to cut US exposure now.
Norway's $2 trillion sovereign wealth fund is a long-term global index investor and has no reason to pull back from the US now. The US share reflects the size of the US market within global equities, and the fund's carefully managed index approach has served it well since 1996, so it should keep mirroring global markets rather than reducing US exposure for political concerns.
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Speakers: Jens Stoltenberg  · Tickers: SPY