Fossil Fuel Divestment Act 2018

Laws and Policies

CCLW

CCLW national policies

Law passed

This law commits Ireland's national treasury to divesting its Strategic Investment Fund entirely from fossil fuels within five years after the passage of the law. Specifically, it compels the national treasury to (1) ensure that its assets are not directly invested in a fossil fuel undertaking and divest from fossil fuel undertakings as soon as practicable, (2) ensure that its assets are not directly invested in a fossil fuel undertaking unless such an indirect investment has less than 15 percent of its assets invested in a fossil fuel undertaking. This law does allow the national treasury to invest in a fossil fuel undertaking when that investment is intended to be consistent with (1) the transition to decarbonisation, (2) the implementation of Ireland's climate change obligations, or (3) the government's climate change policy objectives. It requires the national treasury to publicly list investments made under any of these exemptions.

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An aim to achieve a quantifiable outcome within a given time-frame, set by an institution such as a national government.

Policy instruments are techniques or tools used by governing authorities to promote certain policies in order to achieve predetermined goals. Put simply, instruments are how a government tries to achieve its goals, with this taxonomy being focused on national policy instruments.

Risk is the potential for adverse consequences resulting from the dynamic interplay between (climate-related) hazards, exposure, and vulnerability of affected human or ecological systems.

Groups  of people who are adversely affected by climate change or the response to it

A set of principles, processes, and practices that build economic and political power to shift from an extractive economy to a regenerative economy.

Renewable energy means all forms of energy produced from renewable sources in a sustainable manner.

Fossil fuel is a generic term for non-renewable energy sources such as coal, fossil gas, and oil (including crude oil, and petroleum products), that can be used for electricity and heat generation. Fossil fuels are hydrocarbons formed from pressurised and heated organic material buried over millions of years.

Molecules in the atmosphere that play a key role in the greenhouse effect by trapping heat radiating from Earth’s surface.

Area of the economy in which actors engage in identical or related activities.

In human systems, the process of adjustment to actual or expected climate change and its effects, in order to moderate harm, increase resilience or exploit beneficial opportunities. In natural systems, the process of adjustment to actual climate change and its effects; human intervention may facilitate adjustment to expected climate change and its effects.

The management and allocation of funds, assets and investments to meet various objectives

Any compulsory, unrequited payment to the government levied on corporations or individuals. This can be for environmental reasons, such as introducing a Carbon tax to set a price that emitters must pay for the greenhouse gases they emit.

Oil is a combustible liquid fossil fuel composed mainly of hydrocarbons, occurring as crude oil and refined into petroleum products such as petrol, diesel and kerosene.

Coal is a combustible sedimentary rock formed from carbonised plant matter, rich in carbon and hydrocarbons, and occurring in several main types including hard coal and brown coal.

Either money or something of monetary value is transferred between two or more organisations, people or countries.

Fossil gas, commonly known as natural gas, is a fossil fuel consisting chiefly of methane with smaller amounts of other hydrocarbons and trace gases, found in underground deposits.

Fossil Fuel Divestment Act 2018

Policy instrument

Fossil fuel

Finance