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

Samuel Osborne
Friday 27 January 2017 11:59
Comments
Ethical financing shows global corporations that their tactics are no longer tolerated, says Deputy Pringle
Ethical financing shows global corporations that their tactics are no longer tolerated, says Deputy Pringle

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.

Trump comments on Paris Climate deal

“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.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in