July 12, 2018 / 3:08 PM / in 9 months

Irish parliament passes bill to force sovereign fund to divest from fossil fuels

LONDON, July 12 (Reuters) - The Irish parliament passed a bill on Thursday to force the Ireland Strategic Investment Fund (ISIF) to divest from fossil fuel companies, in a move intended to encourage other countries to withdraw public money invested in oil, gas and coal.

The Fossil Fuel Divestment Bill requires the 8.9 billion euro ($10.4 billion) fund to divest assets from investments in fossil fuel undertakings within five years and prohibits future investments in the industry.

Reporting by Nina Chestney Edits by Gareth Jones

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