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 Michael D'ArcyMichael D'Arcy (Wexford, Fine Gael) | Oireachtas source

If I am not clarifying it, I apologise. The €288 million figure covers processors and producers of fossil fuels. These are the companies that extract coal, oil, gas and so on. That is the direct investment element. The concern is that the definition is so wide that it could include companies that, as Senator Horkan said, produce plastics, for example. Such companies might be captured. There is a silage wrap producer in Gorey, for example, which could be captured by this. If a fund in which ISIF was involved had invested in that company, it could be obliged to sell those shares because the plastic wrap company is captured by the definition. I hope I am explaining this adequately.

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