A landmark vote in the Dáil (National Assembly of Ireland) on Thursday July 12, 2018 means that Ireland is set to become the first country in the world to divest public money from fossil fuel assets
The Fossil Fuel Divestment Bill, introduced by independent TD Thomas Pringle, will force the Ireland Strategic Investment Fund to sell off its investments in the global fossil fuel industry. In June 2017 these stood at €318 million, across 150 companies.
“This means the Bill is both substantive and symbolic,” Mr Meehan said. “It will stop public moneyu being invested against the public interest, and it sends a clear signal, nationally and globally that action on the climate crisis needs to be accelerated urgently, starting with the phase out of fossil fuels.”
The Global Legal Action Network helped to draft the bill and Gerry Liston, one of its legal officers stressed the need for urgency, saying:
“Governments will not meet their obligations under the Paris Agreement if they continue to financially sustain the fossil fuel industry. Countries the world over must now urgently follow Ireland’s lead and divest from fossil fuels.”
Read more about this on the Irish Times article: Ireland set to sell off €318 million investments in fossil fuels