Oireachtas Joint and Select Committees

Tuesday, 27 June 2017

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Fossil Fuel Divestment Bill 2016: Discussion

4:00 pm

Photo of Gerry HorkanGerry Horkan (Fianna Fail) | Oireachtas source

The point was made that not only is there a moral argument for this but as coal and oil become less acceptable and as people move disruptive technology towards electric cars, solar power and wind, the commercial viability of these companies over time is likely to decrease. There is not just a moral argument as to why we might do this, but it makes sense, similarly to moving away from cigarettes, to move away from these types of investments, and towards new technologies once they have been proven to a certain extent and are viable and valid. I am using these figures I received in reply to a question and I do not know where the €131 million or €288 million are. Would it not be better from a commercial point of view, let alone any other argument, to move away from investing in mines in China or oil sands in Canada and reinvest the money in newer cleaner sources of energy?

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