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.