DUBLIN – Ireland will shortly become the first country to end public investments in fossil fuels, BBC News reports. The lower house of parliament (Dáil Éireann) approved the Fossil Fuel Divestment measure last week, and the senate (Seanad) is expected to quickly pass the bill.

The proposal will require the Ireland Strategic Investment Fund to halt all investments in non-renewable energy within five years. The fund is worth an estimated $10 billion, with approximately $340 million in coal, gas, oil and other fossil fuels.

Ireland's Catholic development agency, Trócaire, approved the bill, saying the country had “made history” and voicing its hope that the law would become effective by year’s end. The measure’s intent is to assist Ireland in meeting its obligations under the Paris Agreement.

In 2018, Ireland came in 49 out of 59 countries in the 2018 Climate Change Performance Index. That report said Ireland would not meet its lower emissions targets for 2020, among other deficiencies.