Ireland has just announced that they will stop all investments in fossil fuels, including coal and oil, which makes them the first country in history to pass the forward thinking bill.
The announcement by Ireland’s parliament, which is part of an €8 billion government fund, gathered the majority vote of 90 to 53 in favour of stopping all fossil fuel investments using the Ireland Strategic Investment Fund.
Eamonn Meehan, Trócaire Executive Director, said in a statement, “This move by elected representatives in Ireland will send out a powerful message. The Irish political system is now finally acknowledging what the overwhelming majority of people already know: That to have a fighting chance to combat catastrophic climate change we must phase out fossil fuels and stop the growth of the industry that is driving this crisis.”
The bill was introduced by Deputy Thomas Pringle, and will be reviewed by a financial committee before it is passed into law within the next few months. After the bill has been passed, Ireland will become the first country to completely remove the funding for all fossil fuel sources. Although the move won’t have a world-changing effect on the globe’s environment, due to the relatively small size of Ireland, the decision has set a benchmark for all other countries who want to make a definite impact to fight against climate change and increase their usage of renewable energy.
This move hopes to lead the way for many other countries into a cleaner energy movement. By December last year, The Divest Invest Initiative had gathered almost $5.2 trillion in fossil fuel divestment pledges from 76 different countries worldwide. Norway is also leading the way by setting a national target for the country to be completely carbon neutral by 2030. China also recently announced a plan to shut down a total of 104 coal-fuelled projects across 13 provinces in a new initiative that they are calling an anti-coal stance.
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