The Fossil Fuel Divestment Bill, introduced by independent MP Thomas Pringle, will require the Ireland Strategic Investment Fund (ISIF) to sell off its investments across 150 companies around the world, which stood at €318 million as of June 2017, according to the Irish Times.
Passed with the support of all parties in Parliament, "the bill seeks to align with Ireland’s climate change commitments agreed in the Paris Agreement on global warming," the Irish Times said.
Backed by the government, and recently approved by the Cabinet, the bill now goes to the upper house of Parliament (Seanad), where it is expected to go through quickly and become law by the end of the year, Pringle was quoted as saying.
"I think it’s significant in shaping the whole argument around climate change. The fact that the Government is accepting it should strengthen their position in demonstrating its commitment . . . Ireland must take on its fair share of the burden of climate action,” Pringle said.
"Not only is this a testament to cross-party co-operation and support on the issue of climate change in Ireland but a victory for the international fossil fuel divestment movement too," he added.
Just last month, Ireland ranked second worst among European countries for tackling climate change.
A report published on June 18 by Climate Action Network Europe said that Ireland could fall short of its 2020 climate and renewable energy targets and would most likely fail to meet its 2030 emissions goal.
The European NGO coalition on climate and energy called on Ireland "to join the group of progressive EU Member States calling for increased EU climate ambition and deliver urgent, near-term emissions reduction".