Ireland becomes the first country to divest from Fossil fuels
I have written about this subject before, but I mainly concentrated on the organisations like the Catholic church and the Church of England divesting from fossil fuels from a ethical point of view.
At the time of my last article on the piece the Norwegian sovereign wealth fund which is worth about $1 trillion dollars which makes it the largest wealth fund globally. Towards the end of 2017 they announced their own commitment to divest from fossil fuels. This is quiet a profound act when you consider that the $1 trillion fund was generated from revenues by the Norwegian petroleum sector in the first place. Irelands gesture to divest from all fossil fuel investments from its national pension fund is expected to happen within the next 5 years. The fossil fuel divestment movement is gathering serious momentum to the point where trillions of dollars are now moving away from fossil fuels and towards more ethical investments and renewable energy projects in general.
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 €300m in fossil fuel investments in 150 companies. This is great news for Renewable energy companies worldwide and we will continue to bring you news about these developments.