Sweden’s pension fund invests in Israeli white phosphorus producer
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Sweden’s AP7 pension fund has investments in "Israel’s" ICL Group, which produces white phosphorus linked to civilian harm, environmental damage, and war crimes.
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A shell that appears to be white phosphorus from Israeli artillery explodes over Kfar Kila, a Lebanese border village with Occupied Palestine, as it is seen from Marjayoun town in south Lebanon, Wednesday, Nov. 22, 2023. (AP Photo/Hussein Malla)
An investigation has revealed that Sweden’s state-run Seventh AP Fund (AP7) holds significant investments in the Israeli chemical company ICL Group, which has been linked to the production of white phosphorus munitions.
According to Sweden’s public broadcaster Ekot, the pension fund, which manages savings for nearly six million Swedes, has invested around 100 million kronor ($9.3 million) in ICL and recently increased its holdings from 1.2 to 1.6 million shares in 2025.
ICL Group manufactures white phosphorus, a substance that causes life-threatening burns and long-term respiratory complications. While it has limited lawful use for illumination or smoke screening, deploying it as an incendiary weapon near civilian populations is prohibited under international humanitarian law.
Amnesty International and Human Rights Watch (HRW) have repeatedly documented the "Israeli" military’s use of white phosphorus in densely populated areas of Gaza and southern Lebanon.
Despite the global outcry over using such a weapon against civilians, the Israeli occupation continues to deploy white phosphorus in densely populated areas, disregarding international condemnation and the severe harm inflicted on innocent lives.#Lebanon pic.twitter.com/4oFZnuOeUm
— Al Mayadeen English (@MayadeenEnglish) June 7, 2024
White Phosphorus use in Gaza and South Lebanon
In October 2023, Amnesty confirmed that Israeli artillery fired M825 and M825A1 shells near Gaza harbor and hotels. M825 and M825A are US-manufactured 155mm artillery shells designed to deploy white phosphorus.
The Israeli military has conducted over 1000 strikes in #Gaza using internationally prohibited White Phosphorus, according to a new revelation from the Euro-Mediterranean Human Rights Monitor.
— Al Mayadeen English (@MayadeenEnglish) November 16, 2023
The organization documented the indiscriminate use of white phosphorus by the Israeli… pic.twitter.com/V8l95x1dLQ
Similar munitions struck the Lebanese town of Dhayra on October 16, 2024, injuring at least nine civilians and destroying homes.
HRW later reported that white phosphorus was used in at least 17 municipalities across south Lebanon, including Kfar Kila, Mays al-Jabal, Boustane, Markaba, and Aita al-Shaab.
Meanwhile, Lebanon’s Health Ministry has recorded at least 173 cases of exposure.
Humanitarian and environmental impact
Beyond the immediate human toll, white phosphorus has long-term environmental consequences. Once deployed, it contaminates agricultural land, pollutes water sources, and poisons ecosystems. Farmers in southern Lebanon have reported being unable to cultivate their fields due to fears of crop contamination, while researchers found that remnants of the substance remain toxic and flammable months after initial use.
Lebanon's National News Agency has reported that internationally banned white phosphorus bombs were deployed in the recent Israeli strike on #Beirut.
— Al Mayadeen English (@MayadeenEnglish) October 3, 2024
White phosphorus is notorious for its devastating effects on human flesh, as it is highly soluble in tissue and can inflict… pic.twitter.com/W19A5ofWoq
Experts warn that such contamination threatens food supplies and rural livelihoods, effectively rendering large swaths of land uninhabitable.
Legal and ethical concerns
While Amnesty and HRW have confirmed the use of white phosphorus, there is no direct evidence linking ICL’s production to the munitions deployed in Gaza or Lebanon. ICL has publicly stated that it only supplies white phosphorus to the US military, which maintains deep defense ties with Tel Aviv.
Astri Sjoner, a political advisor at Amnesty Norway, described the investment as “risky,” warning that suspicions remain over whether ICL’s products have been used in "Israel’s" attacks on Gaza.
AP7 spokesperson Mikael Lindh Hok said the fund has no immediate plans to divest but will review its holdings later this year. He noted that companies are only blacklisted if they are proven to violate international conventions signed by Sweden.
#WATCH | The Israeli occupation forces are using white phosphorus munitions in the border area between #Lebanon and occupied #Palestine next to residential buildings in a clear violation of international humanitarian law. pic.twitter.com/ywMST5xP0G
— Al Mayadeen English (@MayadeenEnglish) November 17, 2023
