News Perspective

Ireland voted to stop investing government funds in fossil fuels

This will make Ireland the first nation to completely eliminate public funding for fossil fuels, thanks to a new bill recently passed by the Irish Parliament.

By Editorial Team April 18, 20170

Ireland is an island in the North Atlantic. It is separated from Great Britain to its east by the North Channel, the Irish Sea, and St George's Channel. Ireland is the third-largest island in Europe.

The vote in favor of a new law to become world’s first country to fully divest from fossil fuels by dropping coal, oil and gas investments from the €8 billion (US$8.6 billion) Ireland Strategic Investment Fund.

The plan still needs to be reviewed before it becomes law, but if approved, it would be the strongest action any government has taken on against the funding of fossil fuels.

The bill would force the Ireland strategic investment fund to sell its investment in fossil fuel industries over 5 years.

No other country has slashed its fossil fuel investments completely. Norway sold off coal investments from its sovereign wealth fund in 2015.

China plans to shut down or cancel the building of 104 coal-fired power stations.

Here’s one for the books.

Editorial Team

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