The Irish Parliament recently passed a new bill completely divesting the country from fossil fuels.
Passed with 90 to 53 votes, if set into action, the plan would completely stop public funding of fossil fuels like coal, gas, oil and save €8 billion from the Ireland Strategic Investment Fund.
Although the bill was passed, it might take a couple of months to be signed into the law.
If all is approved, it would mean that the Ireland Strategic Investment Fund would have to discontinue all investments in fossil fuel companies over the next five years(great news).
This means that the public money would stop supporting companies like Exxon and be invested elsewhere.
The Deputy who introduced the bill – Thomas Pingle, told the media:
“This principle of ethical financing is a symbol to these global corporations that their continual manipulation of climate science, denial of the existence of climate change, and their controversial lobbying practices of politicians around the world is no longer tolerated”.
This would mean another milestone for Ireland and that the country is following the movement of totally divesting from fossil fuels.
Norway, for example, decided to divest from coal back in 2015, pulling out €7.4 billion investment. They still have a long way to reach their goal but are here to set a great example to follow.
For Ireland, the bill would mean that the entire country would make a big step towards a better future.
As the executive director of the Catholic community told the Belfast Telegraph:
‘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’.
Besides making the change to fossil fuel law, the country parliament has recently approved a new law to ban fracking (a process of injecting water into underground rock beds to obtain natural gas).
At this stage, however, the exact details of the government decisions are unknown but it is a certainly interesting start to Ireland’s better future.
As soon as this story develops we will have more information. In the meantime be sure to share this article.