The Ireland Strategic Investment Fund could soon be required to divest from fossil fuels. The Irish Parliament voted 90 to 53 to pass a bill requiring its public investment fund to divest its €8 billion ($8.6 billion) in coal, oil and gas investments over the next five years.
The bill is likely to become law in a few months, and would make Ireland the first country to fully divest from fossil fuel holdings.
Norway’s sovereign wealth fund, heavily supported by Norway’s oil revenues, has taken strides to divest from coal.
Globally, nearly 700 institutions in 76 countries, representing $5 trillion in assets, have committed to some form of divestment from fossil fuel companies.
Photo credit: Fossil Free