Donohoe: Ireland to withdraw public money from investment in fossil fuels

Donohoe: Ireland to withdraw public money from investment in fossil fuels
Paschal Donohoe

Minister for Finance and Public Expenditure and Reform, Paschal Donohoe has welcomed the Ireland Strategic Investment Fund (ISIF) announcement of its divestment from 38 global fossil fuel companies.

The divestment follows the enactment of the Fossil Fuel Divestment Act 2018 which was signed into law by the President last month.

"The passing of this legislation marks Ireland out as one of the first countries in the world to withdraw public money from investment in fossil fuels. It positions the ISIF as one of a handful of sovereign wealth funds globally to implement a fossil fuel divestment strategy," said Minister Donohoe.

"Exiting our fossil fuel investments builds on ISIF’s existing investment exclusionary strategy in respect of coal production and processing, tobacco manufacturing, and cluster munitions and anti-personnel mines," added ISIF Director Eugene O’Callaghan.

“We were pleased to play a constructive role in assisting the Oireachtas during the legislative process and we have moved quickly to divest from fossil fuels following the enactment of the legislation.

“ISIF is a strong supporter of investments that will help Ireland’s transition to a low-carbon economy and we will continue to support renewable energy investments and low-carbon initiatives that are consistent with our mandate.”

The legislation was also supported by Minister of State Michael D'Arcy.

More on this topic

Cork protesters stage city centre climate ‘die-in’Cork protesters stage city centre climate ‘die-in’

Climate policy is all talk, says MartinClimate policy is all talk, says Martin

Forest elephants are our allies in the fight against climate change, finds researchForest elephants are our allies in the fight against climate change, finds research

Clear glass solar panels ‘could charge mobile phones and electric cars’Clear glass solar panels ‘could charge mobile phones and electric cars’

More in this Section

Performance of Irish bank shares to face heavy scrutiny in coming weeksPerformance of Irish bank shares to face heavy scrutiny in coming weeks

Brosnan bloodstock posts loss of €2m due to heavy cost provisions Brosnan bloodstock posts loss of €2m due to heavy cost provisions

Liberty London sold to new owners in €334m dealLiberty London sold to new owners in €334m deal

Supermarkets cash in as TV and jewellery shops fail to shine in early summer sales, says major surveySupermarkets cash in as TV and jewellery shops fail to shine in early summer sales, says major survey


Lifestyle

Celebrate the anniversary by finding lift off without even leaving the earth, at these stateside visitor centres and museums, says Sarah Marshall.America’s top space-age attractions to celebrate 50 years since the moon landing

These handy product edits are so useful for travelling, says Katie Wright.Palettes pack a punch: The travel must have

To mark the 200th anniversary of Queen Victoria’s birth, a new exhibition charts the story of the feminist monarch. Suzanne Harrington meets the curator at Buckingham Palace ILifting the lid on the real Queen Victoria this summer

It’s not easy for busy new mothers to eat well, but following a few guidelines and avoiding extreme diets can go a long way, writes dietitian Aoife Hearne.Operation Transformation dietitian Aoife Hearne on keeping thing simple post pregnancy

More From The Irish Examiner