Ireland has become the world’s first country to completely divest from fossil fuels.
With respect to this, Irish Parliament passed legislation that will drop coal, oil, and gas (fossil fuel) investments from its $8.56 billion Ireland Strategic Investment Fund.
Once enacted, the bill will force the Ireland Strategic Investment Fund to sell its investment in fossil fuel industries over the next five years.
Earlier in 2015, Norway’s sovereign pension fund had divested from some fossil fuel companies, but not fully.
Fossil Fuels: Know More- Fossil fuels are fuels formed by natural processes.
- This is such as anaerobic decomposition of buried dead organisms.
- This is containing energy originating in ancient photosynthesis.
- The age of the organisms and their resulting fossil fuels is typically millions of years.
- Fossil fuels contain high percentages of carbon and include petroleum, coal, and natural gas.
- Other commonly used derivatives include kerosene and propane.
- The theory that fossil fuels formed from the fossilized remains of dead plants was first introduced by Georgius Agricola in 1556.
