Historic Irish Law to Divest From Fossil Fuels

Historic Irish Law to Divest From Fossil FuelsHistoric Irish Law to Divest From Fossil Fuels

Ireland’s parliament has become the first in the world to vote to divest from fossil fuels, paving the way for a historic ban on government investment in nonrenewable energy.

The Irish parliament, the Dail, has voted 90 to 53 to pass the historic Fossil Fuel Divestment Bill, RT reported. The bill was penned “in light of the urgency to phase out fossil fuel exploration, extraction and combustion in a timely manner to enable delivery of the commitment adopted in the Paris Agreement,” read a statement by the parliament.

It enables Ireland to divest its sovereign wealth fund, Ireland Strategic Investment Fund (ISIF), worth €8.5 billion, from coal, gas and oil and would see a ban on any further fossil fuels investment going forward. Independent MP Thomas Pringle, who introduced the bill, said the bill would send a message to climate change deniers and lobbyists.

“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,” Pringle said. 

“We cannot accept their actions while millions of poor people in underdeveloped nations bear the brunt of climate change as they experience famine, mass emigration and civil unrest as a result.”

The bill could become law after being reviewed by the Irish government’s financial committee. Once passed, ISIF would have to sell its fossil fuel industries over 5 years.

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