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 Pearse DohertyPearse Doherty (Donegal, Sinn Fein) | Oireachtas source

What if the definition of "fossil fuel company" were altered to ensure that indirect providers, such as a plastics company, are not affected? We can blow these matters out of proportion. I do not know whether ISIF is investing in the company with the 12 employees to whose representatives the Minister of State was talking on the last day. We can talk about the Strategic Banking Corporation of Ireland and its fund and its lending. It is a small amount of money in the context of how much is lent by the banks each year. It is not as if this is the only show in town and they are providing all this money and that the bottom will fall out of it if they cannot support the plastics company in Wexford that is making plastic to wrap silage. If the definition is altered to ensure it captures the spirit of the legislation, such that there would be no direct investment in direct fossil fuel companies and those with a large stake in terms of fossil fuels, will the Government then support the Bill?

I am asking the Minister of State to stop hiding behind the matter of indirect consequences affecting the plastics factory or the person delivering the coal from door to door, as mentioned here. I asked these questions to our guests earlier because I wanted to put their opinion on the record. In a way, the Government is hiding behind the real issue. If we deal with the definition that excludes certain companies and get to the core of it, should we be using Irish resources to invest in fossil fuel companies in Ireland? Does the Minister of State support the idea that we should bar this or not?

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