Ireland to Become the 1st country to Stop Funding Fossil Fuels

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Ireland to Become the 1st country to Stop Funding Fossil Fuels

Ireland is close to becoming the first country in the world to completely divest from fossil fuels, thanks to a new bill recently passed by the Irish Parliament.

If set into law after review, the vote – which passed with 90 to 53 votes – would halt public funding of fossil fuels like coal, oil, and gas from the €8 billion (US$8.6 billion) Ireland Strategic Investment Fund.

2lEp03z.jpg"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," Deputy Thomas Pringle, who introduced the bill, told the media.

"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."

At this stage, the bill still has to be signed into law after review. If it passes, the Ireland Strategic Investment Fund would have to drop all investments in fossil fuel companies over the next five years.

The move has been applauded by environmental groups throughout the country.

The bill would also mark the first time an entire country divested totally from fossil fuels, though some countries have started marching toward that end goal already.

Besides taking on the funding of fossil fuel companies, the Irish parliament is also starting to examine their relationship with fracking – a controversial process to obtain natural gas from deep inside underground rock beds by using water to force it to the surface.

Read more on: Science Alert

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