Stoltenberg Weighs In on US-NATO Tensions, Wealth Fund (full interview)

Summary

Jens Stoltenberg discusses NATO tensions, defense spending challenges, and Norway's sovereign wealth fund strategy. He defends the fund's passive index approach, US underweight position, and ethical framework adjustments. The conversation also covers energy transition, European competitiveness, and geopolitical risks.

• Stoltenberg says US-NATO tensions are more difficult to manage now than when he left office.
• Europe is more militarily prepared than a decade ago but still not mentally prepared for war.
• He argues European countries must increase defense spending despite fiscal constraints.
• Norway's sovereign wealth fund will not change its passive index-tracking strategy.
• The fund is underweight the US relative to market index, but no reduction planned.
• The fund is underweight China intentionally due to considerations.
• Ethical framework for the fund is under revision, with defense sector investments a key dilemma.
• Stoltenberg emphasizes diversification as the best risk management for the $2 trillion fund.