Ireland becomes world first in axing public support for fossil fuels

Ireland will no longer put any public money into the funding of fossil fuels.

The Irish government voted in almost unanimous favour to ‘dropping coal, oil and gas investments from the €8bn (£6.8bn) Ireland Strategic Investment Fund, part of the Republic’s National Treasury Management Agency’. (sc. Independent)


Deputy Thomas Pringle introduced the measure, which is now under review by a financial committee and is expected to be brought into law within the next few months.

This principle of ethical financing is a symbol to these global corporations that their continual manipulation of climate science, denial of the existence of climate change and their controversial lobbying practices of politicians around the world is no longer tolerated,” said Pringle. “We cannot accept their actions while millions of poor people in underdeveloped nations bear the brunt of climate change forces as they experience famine, mass emigration and civil unrest as a result.”

The measures have been implemented in the wake of a recommendation that Ireland also phase out diesel and petrol cars within the next decade. A climate-change watchdog recently made the recommendation that the country “phase-out of the internal combustion engine in private transport” as soon as possible.

The report, partially published in The Irish Times, went on to outline:

“The Climate Change Advisory Council also warned that the Government will lose up to €6 billion in revenue if electric cars become the norm with the loss of income such as excise on petrol and diesel and lower car taxes.

This will have to be replaced with higher car tax for climate friendly vehicles and people need to be “prepared” and told in advance that while it would be cheaper going electric “it is not going to be free”, according to chairman of the advisory council Professor John FitzGerald.

The State will have to find a new way of raising revenue. “The council had not considered congestion charges but this would seem to be the way to go,” he said at the launch of the independent statutory body’s 2017 interim report.”