Dáil signals first of its kind fossil fuel divestment legislation

January 26, 2017

Dáil signals first of its kind fossil fuel divestment legislation

Trócaire welcomes ground breaking environmental Bill that will benefit the poorest communities in the world.

Yes to divest

This afternoon a majority vote was passed in the Dáil to progress the Fossil Fuel Divestment Bill to Committee stage.

The Bill calls for the withdrawal of investments of the Ireland Strategic Investment Fund (ISIF) from fossil fuel companies and ban future investments in the industry by the Fund.

Executive Director of Trócaire, Éamonn Meehan said: “Major cities from Copenhagen to Berlin to Sydney have already committed to divest from the fossil fuel industry. 

“However, if the Fossil Fuel Divestment Bill is passed, Ireland would be the first country to ban investment of public money into the fossil fuel industry.

“With a climate-sceptic recently inaugurated into the White House, this move by elected representatives in Ireland will send out a powerful message.

“The Irish political system is now finally acknowledging what the overwhelming majority of people already know:  That to have a fighting chance to combat catastrophic climate change we must phase out fossil fuels and stop the growth of the industry that is driving this crisis."

hwami family zimbabwe

The Hwami family in Zimbabwe are amongst the millions of people currently experiencing devastating drought due to climate change. Photo: Caritas, 2016

“I have seen it on the ground, from Malawi to Honduras, climate change is decimating the world’s poorest communities.

“The support of a majority in the Dáil for this Bill is an incredibly important moment for the climate justice movement in Ireland and will inspire other countries to follow our lead.”

Trócaire has been campaigning for the Bill since early 2016.