Ireland Became The First Country To Defund Fossil Fuels

- Jul 25, 2018-

Ireland's lower house of parliament has become the first country in the world to give up investment in the fossil energy industry after it passed a bipartisan fossil fuel divestment bill.

The passage of the bill means that all investment, including coal, oil, peat and natural gas, will be withdrawn within five years.The move follows Norway's withdrawal of some investment from the fossil fuel industry, mainly for its coal companies, which are still considering investments in oil and gas.

Proponents of the bill say burning up existing fossil fuels would have a devastating impact on the global climate, and that continuing to mine and produce fossil fuels would pose a major economic risk.However, there are also opponents who argue that it would be more effective to maintain funding while urging fossil fuel companies to transform themselves.

The fossil fuel withdrawal act is expected to become law by the end of the year.Currently, the ISIF holds more than 300 million euros in investments in 150 fossil fuel companies.