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

I think it is important to defend the fund. Earlier, I noted the actions ISIF is taking to address climate risk. I think the record of the fund is better than most. It is the only fund in Ireland that is a signatory to the principles for responsible investment. It is important to put that on the record. Deputy Doherty used the terms "dirty" and "dangerous". I do not believe that is what ISIF is investing in.

Certain fossil fuel companies are dirty and dangerous. Earlier, someone touched on oil sands in Canada and so on. ISIF is responsible and is doing what the principle of the legislation is asking. I believe this is not the correct method by which to deal with it. It is a matter for other Departments to deal with it. This could have concerning unintended consequences and we are highlighting those unintended consequences. That is why the committee is undertaking detailed scrutiny. We are flagging that this is a concern. It is a legitimate concern at the moment.