Ireland is set to become the first country in the world to fully divest public money from fossil fuels.
Dail Eireann, the Irish parliament, voted in favour of passing the historic legislation in a 90 to 53 vote. The only party to oppose the move was the minority government party, Fine Gael.
It enables Ireland to divest its sovereign wealth fund, Ireland Strategic Investment Fund (ISIF), worth €8.5bn, from coal, gas and oil and would see a ban on any further fossil fuels investment going forward.
The bill is likely to pass into law in the next few months after it is reviewed by the financial committee. Once enacted, it would force the Ireland Strategic Investment Fund to sell its investment in fossil fuel industries over the next five years.
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