A Bill, which has recently been passed by Ireland's lower house of parliament, aims to make Ireland the first country in the World to divest from fossil fuels. The bill requires its sovereign wealth fund, currently worth around €300m, to sell off its holdings in fossil fuel companies "as soon as practicable".
The movement of fossil fuel divestment has rapidly grown over the recent years, where trillions of dollars from pension funds, insurers, cities, churches and universities have been divested from the fossil fuel industries, such as oil, gas and coal.
The Irish divestment Bill is expected to be quickly passed in the upper house of parliament, which means it could become law within the next few months.
In recent years, Ireland has lagged behind the rest of the European countries in emission reduction and Irish households emit 60 per cent more carbon than the average home in other Member States, partially because of the increased use of peat and coal to heat houses.
The independent Irish parliamentarian Thomas Pringle, who advocates the Bill said: "We have had a very carbon-based economy and society for a number of years, so this is a huge change for us, but it has to happen.
"The Bill sends a very clear message ... that the Irish government sees the transition away from fossil fuels as very important. Climate change is real, and if we are going to have any chance of meeting the [climate] goals, we may as well start now."
The Bill defines a fossil fuel company as a company that derives 20% or more of its revenue from exploration, extraction or refinement of fossil fuels. The bill also allows investment in Irish fossil fuel companies if this helps them to move away from fossil fuel towards renewables.
Are you wondering why we're discussing legislation in the Republic of Ireland? Watch this space...
