The first step towards a future devoid of oil, coal and related energy holdings looks promising. Just days after US President Donald Trump signed the resumption of an access pipeline project that will transport hundreds of thousands of crude oil from North Dakota to Illinois, an initiative to preserve the natural resources has been launched in Europe.
Ireland has steered its ship towards an impending outlook that sees the country using alternative means of energy assets. Its legal system has done it quite convincingly.
With a 90 to 53 runaway voting decision, the Parliament has withdrawn its support for the country's Strategic Investment Fund. This means that gas, oil and coal investments will no longer be backed by Ireland's $8.56 billion coffer.
Although the result of the ballots has not been officially translated into law, it is believed that this development is highly likely to be approved soon. The proposal has been pushed by independent politician Thomas Pringle.
Considering the overwhelming chances of the initiative to be passed into law, the budget for fossil ventures will be taken out of the strategic fund for the next five years. The stakes will eventually be sold down the road.
According to Pringle, the move sends a strong signal to global companies that their constant exploitation of natural resources will come to an end. It is a fact that such scheming has led to climate changes which resulted to catastrophic effects in underdeveloped nations where living instability has been rampant.
However, the implication of Ireland's political will may not be that formidable. Judging from the European country's link with environmental issues, the dent is somewhat minimal. Still, the action is a huge symbolic approach.
Ireland's breakthrough will become more vital than Norway's drive to eliminate fossil fuel projects. It can be recalled back in 2015, Oslo has launched a process that will undermine the financial resources from the government's sovereign pension fund. Even though the campaign pushed through, the implementation coverage has fallen short considering that not all fuel organizations were included.