Ireland votes in favour of law to become world's first country to fully divest from fossil fuels
Bill seeks to drop coal, oil and gas investments from Ireland Strategic Investment Fund
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Ireland has voted to be the world’s first country to fully divest public money from fossil fuels.
The Irish Parliament passed the historic legislation in a 90 to 53 vote in favour of dropping coal, oil and gas investments from the €8bn (£6.8bn) Ireland Strategic Investment Fund, part of the Republic’s National Treasury Management Agency.
The bill, introduced by Deputy Thomas Pringle, is likely to pass into law in the next few months after it is reviewed by the financial committee.
“This principle of ethical financing is a symbol to these global corporations that their continual manipulation of climate science, denial of the existence of climate change and their controversial lobbying practices of politicians around the world is no longer tolerated,” Mr Pringle said.
“We cannot accept their actions while millions of poor people in underdeveloped nations bear the brunt of climate change forces as they experience famine, mass emigration and civil unrest as a result.”
Once enacted, the bill would force the Ireland Strategic Investment Fund to sell its investment in fossil fuel industries over the next five years.
In 2015, Norway’s sovereign pension fund divested from some fossil fuel companies, but not all.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments