Fossil Fuel Divestment Act 2016
This law commits Ireland's national treasury to divesting its Strategic Investment Fund entirely from fossil fuels within five years after the passage of the law. Specifically, it compels the national treasury to (1) ensure that its assets are not directly invested in a fossil fuel undertaking and divest from fossil fuel undertakings as soon as practicable, (2) ensure that its assets are not directly invested in a fossil fuel undertaking unless such an indirect investment has less than 15 percent of its assets invested in a fossil fuel undertaking.
This law does allow the national treasury to invest in a fossil fuel undertaking when that investment is intended to be consistent with (1) the transition to decarbonisation, (2) the implementation of Ireland's climate change obligations, or (3) the government's climate change policy objectives. It requires the national treasury to publicly list investments made under any of these exemptions.