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.