Ireland: Pension schemes called to step in and close gap in green energy
Eyebrows may have been raised worldwide by Donald Trump’s selection of oil-drilling advocate Rick Perry as his energy secretary, and of climate-change sceptic Scott Pruitt as head of the Environmental Protection Agency.
But, these and other fossil-fuel-friendly picks may actually lead to investment opportunities in renewable energy and sustainable natural resources.
Any drop in funding from political sources represents an opportunity for investors to bridge the gap. As a result, Mr Trump’s election and his climate-change-sceptic cabinet may increase the role of pension schemes and other institutional investors in this area.
Just last month, Ireland became the first country in the world to introduce legislation banning fossil fuel investment for state-sponsored investments. The Ireland Strategic Investment Fund, worth over €8bn and managed by the NTMA, will fully divest from fossil fuels by 2020. This is a clear statement of intent and more countries are likely, if not obliged, to follow.
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