Scotland as a nation is still heavily invested in the companies most responsible for climate change. To get a glimpse of how we might turn this situation around we need only look across the Irish Sea. The Republic of Ireland’s world-beating divestment policy provides a fantastic example for Scotland to follow as it moves to establish its new public bank, the Scottish National Investment Bank.
Ireland’s parliament, the Oireachtas, passed the Fossil Fuel Divestment Bill in July 2018. It’s a very simple piece of law that instructs Ireland’s Strategic Investment Fund not to invest in new fossil fuel supply companies, and to wind down its current investments within five years. Continue reading