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

The core principles of the Bill have been accepted regarding the bona fides concerning what the Bill is about but we feel this is not the right tool with which to have an impact on climate change. Other Departments would have to be consulted, including the Department of Communications, Climate Action and Environment and, most likely, the Departments responsible for transport and energy. We would have to have a conversation with all those to try to ensure this Bill does not result in unintended consequences. Consider the security of supply issue concerning fossil fuels required in Ireland. We are at the end of a long chain and have been for quite some time. What happens regarding ISIF if a company investing in fossil fuels is prepared to provide capital in a partnership with the ESB, Bord na Móna or another body for an interconnector? Is it excluded? There are many unintended consequences that we believe could flow from this. We do not feel it is the correct method by which we should deal with the matter. As I said earlier, ISIF has a decent record on how it is dealing with this and trying to divest from companies that are not moving towards a low-carbon strategy.