Oireachtas Joint and Select Committees
Tuesday, 28 November 2023
Joint Oireachtas Committee on Climate Action
COP28: Discussion
Paul Murphy (Dublin South West, RISE) | Oireachtas source
I want to ask a question of Ms Balfe. The figure she had in her opening statement was striking. She stated that investment managers registered in Ireland held "$6.2 billion in bonds and shares attributable to fossil fuels and agribusiness in the global south". Then she went on to make the point, in a strong, clear and accurate way, that it is completely by design that Ireland acts as a channel for global institutional investors to profit from their fossil fuel investments in the global south. She highlights a severe policy incoherence where Ireland, relatively speaking in the global north, speaks in progressive language on these issues but then acts as a conduit for billions of dollars to go to destroy our planet, for which the poorest people in the world pay the price. One aspect of that is the strong call to update the Fossil Fuel Divestment Act so that at least no public money is ending up in fossil fuels, which it currently is, as she highlights. Has Action Aid Ireland raised that with the Government or the Department? What kind of response has it got? Is the door open to amending that or is Action Aid Ireland getting pushback?
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