• Ireland to become first nation state to divest from fossil fuels

    Date posted:

    • Post Author

      Patrick Lavery

      Combustion Industry News Editor

Ireland’s parliament has passed a bill to make the country the first in the world to divest entirely from fossil fuels. All investments in coal, oil, gas and peat are to be sold “as soon as possible” by the state’s €8bn (US$9.3 billion) national investment fund, with support from all parties in the country’s lower parliamentary house. Approval from the upper house is expected to be speedy and uncomplicated, meaning the bill would become law before the end of the year. It may take around five years to sell all the current holdings in fossil fuels. The move is a milestone in the campaign across Western countries to divest from fossil fuels, with some companies, cities and institutions such as universities already having made similar pledges.