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

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.

Paschal Donohoe

"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.


Related Articles

Healy-Rae: People giving up meat have never worked a hard day in their lives

Easter Island provides climate change warning

We need to get serious about climate change

2018 was the year that climate change finally became undeniable

More in this Section

Better systems can aid business of giving money to tackle poverty

Pound recovers losses after UK's crunch Brexit vote

Ireland under fresh attack from EU on corporation tax

Datalex shares tank by nearly 60% as losses loom


Lifestyle

New series explores Ireland's remote townlands and its people

James McAvoy is a Glass act in latest film

Turning 30: Regrets, advice and reflection from those who've hit the milestone

Mild winter inspires new season’s looks

More From The Irish Examiner