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Minister of State at the Department of Finance, Mr. Michael D’Arcy today (Thursday) welcomed the passage of the Fossil Fuel Divestment Bill 2016 by Dáil Éireann. The Bill amends the investment mandate of the Ireland Strategic Investment Fund (ISIF) to both prevent it investing in, and requires it to divest from, fossil fuel undertakings.

Minister D’Arcy said

“Passing this Bill is a real achievement and I commend Deputy Pringle for his initiative in sponsoring the Bill. I’d like to thank him for his considered and collaborative approach, and for his willingness to work with the Government to develop challenging yet workable proposals to ensure that the Ireland Strategic Investment Fund avoids investment exposure to fossil fuels, and divests from excessive exposure to them. The outcome of the extensive engagement between Deputy Pringle and my officials, in consultation with the ISIF, means that this Bill could be suitably amended and progressed through the Dail, where it was passed today.”

Commenting on the effects of the Bill, Minister D’Arcy said

“Ireland is taking the opportunity to show real global leadership in a move away from fossil-fuel investment dependency. The real effects of the Bill will be felt if other countries follow Ireland’s lead in sufficient numbers – this will help drive demand for low-fossil-fuel investments at a global level and potentially stimulate investment in renewable and sustainable alternatives.”