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Ireland to be the world’s first country to divest public money from fossil fuels

The passing of the Fossil Fuel Divestment Bill means the government will have to drop its coal, oil and gas investments.

THE FOSSIL FUEL Divestment Bill has been passed by the Dáil today, resulting in those in the public gallery erupting in applause.

The Bill is the cumulation of two-years work for Donegal TD Thomas Pringle and means the government will have to divest public money from fossil fuel companies.

It means the government will have to drop coal, oil and gas investments from the Ireland Strategic Investment Fund (ISIF).

The initiative had cross-party support today, and though the government originally seemed opposed to the Bill, it worked with Pringle on an amendment and agreed to support it last week at Cabinet.

Trocáire, who actively campaigned for divestment, reacted by tweeting:

“The passing of the Fossil Fuel Divestment Bill this afternoon has made history. Ireland is the first country in the world to commit to withdrawing public money invested in fossil fuels.”

Many TDs in the Dáil said the passing of this Bill today means Ireland is leading the way in breaking away from an industry that has been blamed for contributing most to climate change.

Labour’s Joan Burton said the Irish government has a responsibility to invest in industries that do not cause harm, highlighting that Ireland has already divested its interests in the tobacco industry.

“It’s a great day,” said Fianna Fáil’s Eugene Murphy who added that Ireland had led the way with the smoking ban, with the plastic bag levy and now with fossil fuel divestment.

He said it was a huge step forward and one that should be acted on quickly.

Minister Michael D’Arcy said the amendment accepted will give strict but achievable targets for the government. It will call on the NTMA and ISIF to divest its investments as soon as is applicable.

Just last month, an EU report ranked Ireland second worst country in Europe for climate action. While welcoming today’s vote, a number of TDs criticised the government for not doing enough to meet the country’s carbon emission targets and tackling climate change.

The Fossil Fuel Divestment Bill will now make its way to the Seanad.

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    Mute Paul Gorry
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    May 22nd 2022, 12:52 AM

    Give over stop worrying about cyber attacks and threats on the national security and all that hse crap. Now we have more cycle lanes. What’s not to love!! Eamonn Ryan ye legend.

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    Mute Rob
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    May 22nd 2022, 6:29 AM

    Was the name ever released of the big company that was hit by the ransomware hack ever released and the sum they paid?

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    Mute Mickety Dee
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    May 22nd 2022, 8:59 AM

    I thought a private company was brought in to do the clean up

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    Mute Noel O'Neill
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    May 22nd 2022, 10:41 AM

    The defence forces could have retained the personnel that they lost through stupidity on their own behalf in not granting these personnel with an extra €20 in tech pay which they were value for money so the same were head hunted by private companies.

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    Mute Alan Leahy
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    May 22nd 2022, 4:34 PM

    @Noel O’Neill: €20 a week. You think people are leaving over €20 a week?
    A CIS technician can be on as low as 40k in the DF, while their counterparts in private sector are getting 80k plus.
    €20 a week…. That gave me a giggle….

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    Mute Mike Dunne
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    May 22nd 2022, 11:35 AM

    It only takes one rogue machine to bring a whole network down. As long as the antvirus software is kept continuously up to date, systems shouldn’t be compromised.

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    Mute Gary Kearney
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    May 22nd 2022, 11:51 AM

    @Mike Dunne: Seriously you think anti virus works like that. It is a game of cat and mouse.
    You cant have an antivirus program that stops a virus it does not know. Hence the updates.

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