Irish bishops drop funds invested in fossil fuel firms
IRISH bishops will divest all of their funds in fossil fuel companies as part of their commitment to addressing the crisis of climate change.
Bishop William Crean, chairman of Trócaire, confirmed the decision at an inter-faith gathering on climate justice at Christ Church Cathedral in Dublin.
The bishops have sought to make a connection between the World Meeting of Families and Laudato Si’, pointing to the link between the care of the human family and the wider family of God’s creation.
In July, Ireland made history when it became the first country in the world to pass a bill committing the State to divesting all of its holdings in fossil fuel companies.
The passing of the Fossil Fuel Divestment Bill was hailed by climate action campaigners as a boon to efforts to pressure other countries to sell off fossil fuel investments in industries which have been a major contributor to climate change.
The landmark divestment bill was a first among the 195 nations which signed up to the Paris Accord on Climate Change in 2015. It requires the Irish State’s Strategic Investment Fund (ISIF) to divest all public money from peat, coal, oil and gas firms nationally and internationally “as soon as is practicable”. More than €300m is believed to be at stake.
Although a number of religious orders have already pledged to divest from fossil fuels, the Irish bishops are the first episcopacy in the English-speaking world to take this radical step.
Dr Lorna Gold of Trócaire said the decision was “about the church here saying we are with Pope Francis, we agree with his vision, we are for the future”.