The Irish Government became the first in the world this week to completely divest billions of euros from its national investment fund for fossil fuels.
Totalling €8 billion, the fund will not now support fossil fuels: oil, coal and gas; and is in line with a growing trend of investment being moved away from polluting energy sources.
Welcoming the news, Kelly Martin, Director of the Sierra Club’s Beyond Dirty Fuels Campaign, said:“We applaud the Irish government for taking this critical step forward towards combating global climate change. As the international movement to divest from dirty fuels like coal, oil, and gas gains momentum, it’s clear that massive investments in fossil fuels are rapidly becoming a thing of the past. Some of the world’s most significant institutions and investors are recognizing the need to stop pouring money into industries that poison our communities and threaten our climate. It’s time for companies and financial institutions to read the writing on the wall and invest in the clean energy economy of the future, not the dirty fuels of the past.”
Others need to follow Ireland’s lead, as a recent report by the International Institute for Applied Systems Analysis (IIASA) shows that increased investment is urgently needed in low carbon energy tech to meet global climate targets.