Fossil Fuel Divestment Act 2018

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Number 29 of 2018


FOSSIL FUEL DIVESTMENT ACT 2018


CONTENTS

1. Amendment of National Treasury Management Agency (Amendment) Act 2014

2. Short title


Acts Referred to

Climate Action and Low Carbon Development Act 2015 (No. 46)

Companies Act 2014 (No. 38)

National Treasury Management Agency (Amendment) Act 2014 (No. 23)

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Number 29 of 2018


FOSSIL FUEL DIVESTMENT ACT 2018


An Act to impose certain prohibitions and restrictions with respect to the investment by the National Treasury Management Agency of assets of the Ireland Strategic Investment Fund in fossil fuel undertakings and, in particular, to require that Agency to endeavour to ensure that such assets are not directly invested in such an undertaking (and, where it becomes aware that an undertaking in which such assets have been so invested by it is, or has become, a fossil fuel undertaking, to divest the assets of that fund from such investment); to make provision for a restriction on such investment when the investment is of an indirect nature (as defined hereafter); to provide for a certain exception to the prohibition on investment of assets of that fund in such an undertaking where the investment is consistent with the national transition objective (as defined hereafter), the implementation of the State‘s climate change objectives and Government policy; for those purposes to amend the National Treasury Management Agency (Amendment) Act 2014 ; and to provide for related matters.

[17th December, 2018]

Be it enacted by the Oireachtas as follows: