In a world’s first, the Irish Parliament voted 90 to 53 on Thursday in favor of a groundbreaking bill that would fully divest public money from coal, oil and gas.
Fossil Free Europe has hailed it as a “first-of-its-kind fossil fuel divestment legislation.”
The Fossil Fuel Divestment Bill, which was supported by almost all of Ireland’s political parties except the Fine Gael, will now go to the committee stage. According to The Independent, the bill is likely to pass into law in the next few months after it is reviewed.
Once enacted, the initiative would force the Ireland Strategic Investment Fund—a sovereign wealth fund worth more than €8 billion—to sell its investments in fossil fuel industries over the next five years and would also prohibit future investments in the sector.