Jennifer Whitmore (Wicklow, Social Democrats) | Oireachtas source

I thank the witnesses for their presentations. As the Chair said, they were in depth. There is an awful lot to cover.

I will focus on the investment fund. The research and review are incredibly timely because the principles underpinning the incorporation of the divestment Act into the infrastructure fund appear to be exactly what is underpinning the new infrastructure and climate and nature fund announced in the budget, where €14 billion is to be set aside. It was described at the time as a step change when it comes to climate action, but the exact same principles appear to apply in the heads of Bill.

In a similar vein, it is stated in the general scheme that "the Future Ireland Fund and the Infrastructure, Climate and Nature Fund are not directly invested in a fossil fuel undertaking", and where there is an indirect investment it cannot be in excess of 15% of the assets, but these are exactly the same terms as those in the Fossil Fuel Divestment Act. The general scheme further states that the agency may invest the assets of these funds in a fossil fuel undertaking as long as these do not go against the objectives of the national transition and the State's climate change objectives, which reads to me that the State could invest billions in a coalmine internationally because it would not impact any of our national obligations.

Are the representatives worried that the terms, conditions and principles of this climate and nature fund will be based on, and have the same deficits, as appear to be in the fossil fuel divestment fund? What changes would they like to see? We are obviously at a very early stage with just the heads of Bill being published. Now is the opportunity to make sure that this large climate fund gets it right.