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

What we are saying is that it is not the correct vehicle to impact on climate change. The unintended consequences could be grave. I realise Deputy Pringle is saying he would like to have SMEs exempted. However, that would depend on the legislation and what is changed. Let us suppose the Bill is passed on Committee, goes back to the Chamber and everyone is satisfied. A vast quantity of work would need to be done to conclude a conversation with the other Departments, including the Department of Transport, Tourism and Sport and the Department of Communications, Climate Action and Environment, to try to ensure there are no unintended consequences. Furthermore, we could have a large company prepared to act or get into a partnership with a company that may have funding or a seam of funding from a fund that is potentially backed by fossil fuels. We are concerned for several areas where there might be requirement, for example, interconnectors. No one knows where Brexit is going. We hope an arrangement or deal will be concluded. However, we may have to try to have interconnectors from here to the Continent excluding Britain. Much of our flow of energy comes from Britain. Some of our electricity comes via the North-South interconnector. Does that exclude any of those projects that may flow? This Bill will not stop it.

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