Ireland: No More Fossil Fuel Investment

---

Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--A bill to drop coal, oil and gas investments from Ireland's Strategic Investment Fund (ISIF) has been voted through parliament.

The Fossil Fuel Divestment Bill, which was voted through by 90 votes to 53, will prevent the 8.5 billion euro ($9.2 billion) Strategic Investment Fund being invested in fossil fuels and could set Ireland on course to be the first country in the world to fully divest from fossil fuels. The government had hoped to amend the bill but was voted down. The bill is expected to be enacted in law in the coming months after a financial review.

Ireland is a strong proponent of renewable energy. Renewables, mainly wind, supply 21% of the country's power, but most of the power comes from gas (44%), coal (15%) and peat (10%). Much of that conventional power is imported from the U.K. via interconnectors, while existing conventional power plants are facing decommissioning by 2022/23 under European Union (EU) emissions regulations. Ireland is aiming to boost its renewable energy share to 40% in the next four years.

Independent TD Thomas Pringle introduced the bill in an effort to counter those that deny climate change and who lobby on behalf of large energy companies.

"This principle of ethical financing is a symbol to these global corporations that their continual manipulation of climate science, denial of the existence of climate change and their controversial lobbying practices of politicians around the world is no longer tolerated," Pringle said. "We cannot accept their actions while millions of poor people in underdeveloped nations bear the brunt of climate change forces as they experience famine, mass emigration and civil unrest as a result."

Norway is the only other country to have made moves to cut out fossil fuels from its sovereign wealth fund. In June 2015, Industrial Info reported that the Norwegian government had agreed to cut coal investments from its $900 billion sovereign wealth fund, the richest fund in the world. The decision meant that the Government Pension Fund Global (GPFG) would sell shares valued at between $5 billion to $8.5 billion in up to 120 mining and power generating companies. The fund would divest itself of shares in mining or power generating companies whose business relies more than 30% on coal-related activities. For additional information, June 18, 2015, article--Norway Drops Coal from Massive Investment Fund.

Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.