Ireland is close to becoming the first country in the world to completely divest from fossil fuels, thanks to a new bill recently passed by the Irish Parliament.
If it becomes law after review, the vote which passed 90 to 53 last week, would halt public funding of fossil fuels like coal, oil, and gas from the €8 billion (US$8.6 billion) Ireland Strategic Investment Fund.
“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,” said Deputy Thomas Pringle, who introduced the bill.
If the bill becomes law, the Ireland Strategic Investment Fund would have to drop all investments in fossil fuel companies over the next five years; which means public money would stop going towards energy juggernauts like Exxon. It would also bar the country from investing in fossil fuel companies in the future.