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23rd November 2018 | Climate Change, Environment, Press Releases

Fossil Fuel Divestment Bill Passes Final Stage in Oireachtas

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New Law Will Help Prepare Ireland for a Fossil Fuel Free Future

Green Party Senator Grace O’Sullivan has welcomed the final passage of the Fossil Fuel Divestment Bill through the Seanad yesterday. The legislation, which was first proposed by Thomas Pringle TD, will start Ireland on the path to removing all state investments from fossil fuel related funds. The aim is not only to minimise investment in climate disrupting fossil fuels, but also to prevent Ireland from ‘stranded assets’ – investments in fossil fuel infrastructure and reserves that will be made worthless as action on climate change accelerates.

The government’s engagement with the Bill has been very welcome, with the Department of Finance feeding into the process and helping to ensure the act is practical and enforceable.

Senator O’Sullivan had this to say: “Ireland can finally hold its head up high on an issue of climate policy, as the first country in the world to put a national divestment strategy into place. This bill will help protect us from climate change, will allow us to stand as an example to the world and protect Irish tax payers from massive losses as the world moves to a post-carbon future. The government has engaged positively on this bill – I hope that new climate Minister Bruton will live up to his rhetoric and do the same with all the other many pieces of legislation making their way through the Oireachtas currently, and have them included in the upcoming report from the Oireachtas Climate Action Committee. Ireland can seize the opportunities of a just transition to a post carbon future, but we need to act now.”