Norway's sovereign wealth fund, the Government Pension Fund Global, has used its investment power to condemn indiscriminate weapons for a long time. It was one of the first to divest from cluster munitions producers, and has demonstrated leadership in divesting from nuclear weapon producers as well. 

The criteria for product-based observation and exclusion of companies states that the "Fund shall not be invested in companies which themselves or through entities they control: a) produce weapons that violate fundamental humanitarian principles through their normal use".  Regular updates to the exclusion list, as well as discussions on the criteria in the Norwegian parliament and in the Council of Ethics, offer opportunities to elaborate and interpret the broad guidelines. 

In 2021, after the entry into force of the Nuclear Ban Treaty, the fund has expanded the scope of its nuclear weapon exclusion to "encompass certain types of delivery platforms used only for nuclear weapons."

The Fund maintains a public exclusion list as well, which is followed by many other responsible investors.