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Ireland becomes first country in world to pull money from fossil fuels
Key Excerpts from Article on Website of The Independent (One of the UK's leading newspapers)
Posted: July 15th, 2018
https://www.independent.co.uk/news/world/europe/ireland-stop...
Ireland will become the first country in the world to fully divest from fossil fuels after politicians voted to withdraw all public funds from oil and gas companies. In an effort to meet the country's climate change commitments, as embodied in the Paris agreement, the Fossil Fuel Divestment Bill will probably be brought into force after parliament's summer recess. First introduced by independent MP Thomas Pringle in 2016, the bill has since been backed by all opposition parties. Taking inspiration from universities and cities around the world that have withdrawn financial support from the fossil fuel industry, Mr Pringle began working on the idea after meeting Irish international development charity Trocaire. The passing of the bill will compel the Ireland Strategic Investment Fund to sell off its fossil fuel investments, which stand at more than 300m (265m) across 150 companies worldwide. Mr Pringle said the withdrawal of this money will not only remove funds from some of the biggest greenhouse gas emitters, it will act as a gesture of Irelands commitment to tackling climate change. Eamonn Meehan, executive director of Trocaire, agreed that the bill made a powerful statement that would serve to improve the nations reputation as a climate laggard.
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