Ireland’s Vote To Divest From Fossil Fuels Latest In A Global Campaign For Climate
Ireland is on its way to becoming the first country to fully divest all public funds from fossil fuel companies after a key vote in its parliament on Thursday. It's a major milestone in an international push by environmental organizations to shut off the flow of investor cash into coal, oil and gas companies. Over the past six years, the divestment campaign has generated public pressure on countries, cities and universities around the world to cut ties to the fossil fuel industry. Nearly 900 institutions worldwide representing more than $6 trillion in assets have so far committed to some level of divestment, according to the activist group 350.org. But the campaign also has highlighted a conflict between two different approaches to forcing changes in the name of protecting the climate: those who believe total divestment is the only option, and activist investors who believe they can more successfully persuade companies to change policies by working from the inside as shareholders with a stake and a voice.