Ireland makes anti-fossil fuel moves but gas still in play

Rodiano Bonacci
Luglio 15, 2018

Ireland has become the world's first nation to legislate to divest completely from fossil fuels, after its parliament passed a bill compelling the €8.9 billion Ireland Strategic Investment Fund (ISIF) to withdraw all money invested in oil, gas and coal.

The bill is now headed to the country's upper house, where it is expected to pass quickly, according to The Guardian.

The move was welcomed by climate change campaigners including Trócaire, which said it sends a powerful signal. "Countries the world over must now urgently follow Ireland's lead and divest from fossil fuels", Gerry Liston, a legal officer at the Global Legal Action Network nonprofit that drafted the bill, said.

"Governments will not meet their obligations under the Paris Agreement on climate change if they continue to financially sustain the fossil fuel industry".

A Donegal Deputy is today moving the final stage of an amended bill which would divest public money from fossil fuel companies through its final stages in the Dáil, with Government and cross party support. Critics have challenged this notion and said that retaining shares in these businesses and pushing the companies to be more energy friendly is more impactful.

In Ireland, the bill came after campaigning from student groups and other activists, and was brought forward by the politician Thomas Pringle after two years of work with those groups, the Catholic development agency Trócaire, and the Global League Action Network.

While Norway has indicated it may sell off fossil fuel holdings, no country has committed to complete divestment.

As of June previous year, the fund's investments in the global fossil fuel industry were estimated at 318 million euros across 150 companies. And on a smaller scale, New York City Mayor Bill de Blasio, announced in January that the city would divest its $US189-billion pension funds from fossil fuel companies - estimated at around $US5 billion.

In the last few years, dozens of universities and churches have divested from fossil fuels.

Altre relazioniGrafFiotech

Discuti questo articolo

Segui i nostri GIORNALE