Swedish pension fund invests in Israeli company tied to white phosphorus production

Swedish pension money has been invested in an Israeli chemical corporation that faces assertions of producing internationally banned white phosphorus bombs and munitions purportedly used in densely populated areas of the Gaza Strip and southern Lebanon, local media outlets disclosed.

An investigation by the public broadcaster Ekot revealed that the state-run Seventh AP Fund (AP7), which serves as the default pension option for nearly six million Swedes, has holdings worth about 100 million kronor ($9.3 million) in the Israeli ICL Group.

White phosphorus causes severe burns and long-term respiratory injuries. Although the substance is permitted for use in illuminating targets or generating smoke screens, its application as an incendiary weapon near civilians is prohibited under international law.

Amnesty International and Human Rights Watch (HRW) have recorded Israel's deployment of white phosphorus in both Gaza and Lebanon.

Amnesty has verified that Israeli artillery discharged M825 and M825A1 shells in proximity to Gaza harbor and hotels in October 2023. In Lebanon, the town of Dhayra was struck by the same shells on October 16, 2024, resulting in a minimum of nine civilians being injured and numerous homes being destroyed.

HRW announced in May 2024 that Israel had deployed white phosphorus in a minimum of 17 municipalities throughout southern Lebanon since October 2023, affecting residential zones such as Kfar Kila, Mays al-Jabal, Boustane, Markaba, and Aita al-Shaab.

Lebanon's Ministry of Public Health has confirmed 173 instances of exposure.

Ekot’s review also showed that the Seventh AP Fund increased its stake in ICL Group in 2025, raising its holdings from 1.2 to 1.6 million shares.

Israel strikes south Lebanon with phosphorus bombs, several injured

The Israeli regime targets southern Lebanon with white phosphorous bombs, which are known for their incendiary and long-term environmental effects.

Astri Sjoner, a political advisor at Amnesty Norway, warned that investing in ICL was “risky.”

“Now several people have indicated that they suspect that it is this company’s white phosphorus that was used in Israel’s warfare in Gaza,” she said.

“When there is this type of suspicion, it is important that those who invest in it take on an extra great responsibility to assess the risk of human rights violations,” Sjoner noted.

Mikael Lindh Hok, the acting head of communications at the Seventh AP Fund, said the shares will not be sold immediately but will be reviewed this fall.

“If it is true and you can really verify that their product, in this case white phosphorus, is used by the Israeli military in the conflicts, then it is a basis for blacklisting,” he said.

He added that the fund seeks confirmation before excluding companies.

“Sometimes there can be a rumor that a company has violated, then it turns out that it has not violated an international convention. And since we are the default choice for 6 million Swedes, we have set that limit: what international conventions has Sweden signed?” Lindh Hok noted.

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