Ireland seen as 'significant channel' for investment in fossil fuels

Exxon Mobil refinery in Montana in the USA. Investors based in Ireland have a stake of €1bn in the company. Picture: AP

Ireland is a “significant channel” for global institutions investing in fossil fuels and industrial agriculture, with €5.7bn worth of bonds and shares in climate-harming activities held here alone, a new report claims.

The report, released by international NGO ActionAid, states that as of January this year Irish financial institutions held €12.1m worth of investments in fossil fuels, the vast majority of which, 86%, are held by the State’s own Ireland Strategic Investment Fund (ISIF).