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July 13, 2018 03:30 am

Ireland Becomes World's First Country To Divest From Fossil Fuels

An anonymous reader quotes a report from The Guardian: The Republic of Ireland will become the world's first country to sell off its investments in fossil fuel companies, after a bill was passed with all-party support in the lower house of parliament. The state's 8 billion euro national investment fund will be required to sell all investments in coal, oil, gas and peat "as soon as is practicable", which is expected to mean within five years. The Irish fossil fuel divestment bill was passed in the lower house of parliament on Thursday and it is expected to pass rapidly through the upper house, meaning it could become law before the end of the year. The Irish state investment fund holds more than 300 million euro in fossil fuel investments in 150 companies. The bill defines a fossil fuel company as a company that derives 20% or more of its revenue from exploration, extraction or refinement of fossil fuels. The bill also allows investment in Irish fossil fuel companies if this funds their move away from fossil fuels. "The [divestment] movement is highlighting the need to stop investing in the expansion of a global industry which must be brought into managed decline if catastrophic climate change is to be averted," said Thomas Pringle, the independent member of parliament who introduced the bill. "Ireland by divesting is sending a clear message that the Irish public and the international community are ready to think and act beyond narrow short term vested interests."

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