Ireland divests

News in Brief

On 12 July, Ireland became the first country to commit itself to completely divesting from fossil fuels. The country’s €8bn sovereign wealth fund will sell €300m of investments in 150 oil, gas and coal companies within the next five years.

Fossil fuel companies are defined as ones that have 20 percent or more of their revenues from exploring for, extracting or refining fossil fuels.

In June, climate group noticed that oil and gas company Shell had recognised ‘divestment and climate litigation as material risks to the company’s bottom line’ in its 2017 annual report, published in March.