Ireland is close to becoming the first country in the world to decide not to invest public money in fossil fuels, thanks to a bill passing parliament by a 90 to 53 vote, The Independent. The bill, which is expected to become law in the coming months after being reviewed by the financial committee, will lead to cutting all investments in the coal, oil and gas industries from the Public Fund for Strategic Investments, which manages 8,000 million euro.

The law will prevent public money from Ireland from continuing to flow to oil giants like Exxon, and will also prevent new investment in fossil fuels. As Thomas Pringle, the MP who sponsored the bill, puts it: “This ethical financing principle is a signal to these global companies that their manipulation of climate science, denial of the existence of climate change, and their controversial practices their lobbying of politicians around the world are no longer tolerated. We cannot accept their actions while millions of poor people in underdeveloped countries bear the brunt of climate change experiencing famine, mass emigration and social unrest as a result.”

As well as divesting from fossil fuels, the Irish parliament is also reviewing the use fracking for gas extraction.