Ireland Becomes World's First Country To Divest From Fossil Fuels (theguardian.com)

An anonymous reader quotes a report from The Guardian: 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 state's 8 billion euro national investment fund will be required to sell all investments in coal, oil, gas and peat "as soon as is practicable", which is expected to mean within five years. The Irish fossil fuel divestment bill was passed in the lower house of parliament on Thursday and it is expected to pass rapidly through the upper house, meaning it could become law before the end of the year. The Irish state investment fund holds more than 300 million euro in fossil fuel investments in 150 companies. 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. "The [divestment] movement is highlighting the need to stop investing in the expansion of a global industry which must be brought into managed decline if catastrophic climate change is to be averted," said Thomas Pringle, the independent member of parliament who introduced the bill. "Ireland by divesting is sending a clear message that the Irish public and the international community are ready to think and act beyond narrow short term vested interests."

Comments

Re:Why does Ireland have a "National Investment Fu

[blindseer]

The problem with leaving investing in the hands of the private sector is that the private sector would gladly throw a baby off a bridge for a dollar.

Interesting. What makes the people in government so angelic and the people in private employ so demonic? They are both people, no?

I hear about racist cops that will shoot a black man for driving in the wrong part of town. Cops are government employees, no? Is shooting innocent black men the right thing for the government to do? Or, am I mistaken on the reports of cops being racist and shooting innocent black men?

People in the Army are government employees. They go where the commander in chief tells them to, and get funds to do so only with the permission of Congress. If Congress doesn't like what the Army is doing then they can withhold funds. With "angelic" representatives in Congress funding the Army, and an "angelic" public employee like the President in charge, the Army must be full of angelic people. Angelic people don't abuse innocent brown people in far off places. Therefore what I see in the news is a lie.

I hear that POTUS just appointed a coal advocate to head the EPA. I'm guessing that coal mines will get government subsidies now. That's a good thing, no? Because government investment is a good thing. Private investment is bad, public investment is good. The US government is investing in coal, therefore coal is good.

In other words, you are an idiot.

Re:As an Iris peron meh

[Nidi62]

As an Irish person, I just see this as our incompetent government targeting jobs in peat and crippling the economy deliberately in their continuous effort to destroy anything we have left.

Could be worse. At least you aren't Brexiting.