Michael McGrath (Cork South Central, Fianna Fail)
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I welcome Deputy Pringle, Mr. Bond, Ms Finnan and Ms Sharkey and I thank them for their opening remarks. I attended the excellent meeting in Cork mentioned by Ms Finnan. I recall well the grandfather in question taking the microphone and putting the question. It was a powerful intervention which swept aside any analytical thinking or suspicion and concern anyone might have about the overall objectives. He put it up to us and we have to respond. The Oireachtas Members present gave a commitment to support the early scheduling of the pre-legislative scrutiny phase and I am glad that is happening today.

We support the objectives set out in the Bill. We acknowledge the work Deputy Pringle has done and the fact that the Bill has the support of the House, which is important. We have no choice but to reduce our dependence on fossil fuels. It is not just the challenge of our generation; it will be the challenge of this century and we are still in its early days. The Deputy said he is open to amendments, definitions and so on. I refer to the key definition of "fossil fuel companies" and the obligation placed on ISIF to divest itself of investments in those companies over time. In the event of such a company moving into renewable energy investment, for example, is he open to amending the legislation to make sure ISIF is not prevented from investing in companies that meet the definition of fossil fuel company currently but can support their efforts to reduce their footprint in that area and improve their renewable energy footprint? We should recognise some of the companies involved are in the process of doing that and I would not like ISIF to be denied the right to invest in companies in that respect and to support those efforts.