Catherine Connolly (Galway West, Independent) | Oireachtas source

I thank Mr. Breen.

Moving on to another area in terms of investment, Mr. O'Kelly stated the NTMA's role is in managing the debt and all of that, but it has another role in investing money throughout the world. In fact, I was staggered - I do not come from a financial background - at the amount of investment. I looked at the risk assessment, which is a major issue for the NTMA. Has climate change come into the NTMA's risk assessment? I will also ask about the NTMA's investments in fossil fuel. I will not delay, but it is worth reading out one or two quotes on climate change and our commitment to ensuring that the average rise in global temperatures is kept below 2°C. The Economist Intelligence Unit, in a major piece of research in 2015 entitled "The Cost of Inaction," stated that the cost of inaction significantly outweighed the cost of action. According to Mr. Mark Carney, governor of the Bank of England, "The challenges currently posed by climate change pale in significance compared with what might come". He also stated: "Once climate change becomes a defining issue for financial stability, it may already be too late." It goes on in a similar vein. I have a report by an advisory committee to the European Systemic Risk Board on the risk posed by climate change. I could quote Mr. Hank Paulson, the former US Secretary of the Treasury, and many others whom I will not quote, highlighting the climate change risk. Where does that risk feature in any of this? Why is the NTMA still investing in fossil fuels? Has the agency made a decision to change that, or is it agency reviewing its policy? I will start there.