Ireland May Become First Country Pass Fossil Fuel Divestment Law

According to multiple sources including the the Irish Times, Ireland’s parliament, with support from multiple parties, has voted to pass a law taking public money from fossil fuels. Final approval isn’t expected for several months.

The bill would force the Ireland Strategic Investment fund to sell its interests in fossil fuel industry investments within 5 years and will prevent it from making new investments in the sector. 

Ireland expects this to send a powerful message regarding climate change and the viability of renewable energy.

Meanwhile, Norway’s state-run pension fund is considering divesting from high carbon emission companies and New Zealand’s is expected to soon establish goals for making their portfolio greener.