Irish lawmakers have positioned Ireland to be the first country in the world to divest from fossil fuels. According to the The New York Times, legislation was passed Wednesday in the country’s lower house of parliament, the Dail, requiring Ireland’s sovereign wealth fund to sell off its holdings in fossil fuel companies as soon as is practicable.
As The Times points out, the Irish environmentalist group, Trocaire, has been supporting the bill and called it both substantive and symbolic while Ireland’s Green Party called it a historic day on Twitter. However, what is largely left out of the press’s reporting shows that the proposal is meaningless.
According to The Financial Times, included in the bill are exemptions for fossil fuel companies that are declared to be in compliance with Ireland’s climate objectives. The legislation also includes exceptions for exchange traded or hedge funds which were added as…
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