Wednesday, 1 February 2017

Ireland the First Country to Divest from Fossil Fuels (Or Is It?)

The Irish government has passed a bill forcing the Ireland Strategic Investment Fund (ISIF) to divest from fossil fuel companies.  Apparently, we are the first country in the world to do so. 

When I checked the ISIF website, I couldnt find one company representing fossil fuels. I contacted ISIF on Monday but have yet to receive a response.  I also asked the TD responsible for the bill, Thomas Pringle, he said there were 132 companies including the Dakota pipeline company for a total of €133 million but that no list was available.

A document on the ISIF website states :
for example may include projects in sectors such as water, telecoms, broadband, energy (wind/other renewables/energy efficiency) and forestry. 

This document was published in July 2015, well before the recent bill about fossil fuels was enacted. So I'm still in the dark as to what exactly Ireland has divested from. 

The North Dakota pipeline is owned by Energy Transfer Partners which is an oil and gas company. However, one of their directors, Rick Perry, who was appointed as Secretary for Energy by President Trump, helped erect 11,000MW of wind energy during his term as Governor for Texas. So they are not exactly anti renewables. 

This fact neatly explains the futility of such a bill. If you installed 11,000MW of wind in Ireland, you would still need oil and gas. If you've stopped investing in oil and gas and bet everything on renewables, then the lights go out.  

With Ireland recently banning fracking, it looks like we will be completely dependent on others for reliable energy sources. Not exactly something to be proud of.

1 comment:

  1. The wind program has actually failed. Basic mathematics tells you that. So the politicians are driving us back to beyond the time before humans started to manage fire. Clever lads eh. Or just dumb.