In historical legislation, Ireland has voted to become the first country in the world to completely strip public money from fossil fuels.
In a 90 to 53 vote, the Irish Parliament approved legislation that drops coal, gas, and oil investments from the Ireland Strategic Investment Fund. This fund is part of the Republic’s National Treasury Management Agency.
Deputy Thomas Pringle, the man responsible for introducing the bill, believes it will likely be passed into law within the next few months following a review by the financial committee.
Mr. Pringle added that this groundbreaking legislation will send a clear message to global corporations that continually manipulate climate research, deny the existence of climate change, and practice “controversial lobbying practices”. This unprecedented decision will indicate to these cooperations that these practices will not be tolerated.
Mr. Pringle continued by stating that it is not ethical to accept this financing “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.”
Once approved, the legislation would force the Ireland Strategic Investment Fund to work on selling off its fossil fuel investments over the next several years.
Prior to this, no corporations have ever completely divested from fossil fuel companies but one did come close. In 2015, Norway’s sovereign pension fund partially divested from fossil fuel companies – but not all of them.