Reuters reports that the bill describes "fossil fuel undertakings" as those "whose business is engaged, for the time being, in the exploration for or extraction or refinement of a fossil fuel where such activity accounts for 20 percent or more of the turnover of that undertaking".
The move represents a dramatic shift in Ireland's standing on climate change policy.
"Ireland has gained a reputation internationally in recent years as a "climate laggard".so the passing of this Bill is good news but has to mark a significant change of pace on the issue", Trócaire's executive director, Éamonn Meehan, said in a statement Thursday. 350.org co-founder Bill McKibben tweeted, "Ireland's decision to divest from fossil fuels staggers me".
A Donegal Deputy is today moving the final stage of an amended bill which would divest public money from fossil fuel companies through its final stages in the Dáil, with Government and cross party support.
United States accuses Russian spies of 2016 election hacking as summit looms
Russian Federation has continually denied their alleged meddling before Trump's shocking win over Clinton. The White House said the release of the charges would not affect the summit.
Israel hits Hamas targets Gaza with largest daytime airstrikes since 2014 war
Molotov cocktails, flaming tyres and stones were also hurled in the direction of its soldiers according to the Israeli army. Earlier on Friday, an Israeli soldier was injured by a grenade thrown by a terrorists during unrest on the Gaza border.
Broadcom to buy software company CA Technologies for 18.9 bln USD
Broadcom's chips power smartphones, computers and networking equipment. ( AVGO ) said it agreed to acquire CA Technologies (CA). Based on CA's closing price of $37.21 Wednesday, the offer represents a 20 percent premium for CA shareholders.
Norway has partially divested from the fossil fuel industry.
"The [divestment] movement is highlighting the need to stop investing in the expansion of a global industry which must be brought into managed decline if catastrophic climate change is to be averted", said Thomas Pringle, the independent member of parliament who introduced the bill. The country voted in 2015 to sell its holdings in coal.
As of June a year ago, the fund's investments in the global fossil fuel industry were estimated at 318 million euros across 150 companies. Last year, 40 Catholic institutions said they would be getting rid of shares in fossil fuel companies.