Ireland votes to be world’s first country to fully divest from fossil fuels
In a history move, Ireland has voted to be the world’s first country to fully divest public money from fossil fuels.
The Irish Parliament passed the fossil fuel divestment legislation” with a majority vote. The new bill would fully allow Ireland to fully divest their sovereign wealth fund, which is worth more than 8 billion Euros or around $8.5 billion, from oil, gas, and coal.
“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,” Deputy Thomas 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.”
The bill will pass into law in the next few months and once enacted, the bill would force the Ireland Strategic Investment Fund to sell its investment in fossil fuel industries over the next five years.