Ireland Becomes World’s First Country to Divert from Fossil Fuels!


Ireland Becomes World's First Country to Divert from Fossil Fuels!

The republic of Ireland will become the world’s first country to sell off its investments in fossil fuel companies, after a bill was passed with all-party support in the lower house of parliament.

The states 8 billion national investment fund will be required to sell all investments in coal, oil and gas as soon as is practicable, which is expected to mean within five years. Norway’s huge sovereign wealth fund has only partially divested from fossil fuels, targeting some coal companies and is still considering its oil and gas holdings.

The fossil fuel divestment movement has grown rapidly and trillions of dollars of investment funds have been divested, including large pension funds and insurers, cities such as New York, churches and universities.

Supporters of divestment say existing fossil fuel resources are already far greater than can be burned without causing catastrophic climate change and that exploring and producing more fossil fuels is therefore morally wrong and economically risky. However, some critics argue say that remaining as shareholders and persuading fossil fuel companies to change can be more effective.

The Irish fossil fuel divestment bill was passed in the lower house of parliament on Thursday and it is expected to pass rapidly through the upper house, meaning it could become law before the end of the year. The Irish state investment fund holds more than 300 million in fossil fuel investments in 150 companies.

Thomas Pringle the independent member of parliament has said of the bill “The movement is highlighting the need to stop investing in the expansion of a global industry which must be brought into managed to decline if catastrophic climate change is to be averted.”

“Ireland by diverting is sending a clear message that the Irish public and the international community are ready to think and act beyond narrow short term vested interests”

Governments will not meet their current obligations under the Paris agreement on climate change if they continue to financially sustain the fossil fuel industry. Countries around the world must now urgently follow Ireland’s lead and divert away from fossil fuels and towards a cleaner, greener future

The republic of Ireland will become the world’s first country to sell off its investments in fossil fuel companies, after a bill was passed with all-party support in the lower house of parliament.

The states 8 billion national investment fund will be required to sell all investments in coal, oil and gas as soon as is practicable, which is expected to mean within five years. Norway’s huge sovereign wealth fund has only partially divested from fossil fuels, targeting some coal companies and is still considering its oil and gas holdings.

The fossil fuel divestment movement has grown rapidly and trillions of dollars of investment funds have been divested, including large pension funds and insurers, cities such as New York, churches and universities.

Supporters of divestment say existing fossil fuel resources are already far greater than can be burned without causing catastrophic climate change and that exploring and producing more fossil fuels is therefore morally wrong and economically risky. However, some critics argue say that remaining as shareholders and persuading fossil fuel companies to change can be more effective.

The Irish fossil fuel divestment bill was passed in the lower house of parliament on Thursday and it is expected to pass rapidly through the upper house, meaning it could become law before the end of the year. The Irish state investment fund holds more than 300 million in fossil fuel investments in 150 companies.

Thomas Pringle the independent member of parliament has said of the bill “The movement is highlighting the need to stop investing in the expansion of a global industry which must be brought into managed to decline if catastrophic climate change is to be averted.”

“Ireland by diverting is sending a clear message that the Irish public and the international community are ready to think and act beyond narrow short term vested interests”

Governments will not meet their current obligations under the Paris agreement on climate change if they continue to financially sustain the fossil fuel industry. Countries around the world must now urgently follow Ireland’s lead and divert away from fossil fuels and towards a cleaner, greener future

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