Ireland to become world's first country to divest from fossil fuel co's

Author: Damian Carrington, The Guardian, Published on: 17 July 2018

"Ireland becomes world's first country to divest from fossil fuels", 12 July 2018

The Republic of Ireland will become the world’s first country to sell off its investments in fossil fuel companies, after a bill was passed with all-party support in the lower house of parliament... The fossil fuel divestment movement has grown rapidly and trillions of dollars of investment funds have been divested, including large pension funds and insurerscities such as New Yorkchurches and universities... The Irish fossil fuel divestment bill [...] could become law before the end of the year... 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 funds their move away from fossil fuels. Gerry Liston at Global Legal Action Network, who 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. Countries the world over must now urgently follow Ireland’s lead and divest from fossil fuels.”

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