Ms Cliona Sharkey:

I thank Deputy Michael McGrath for his question. In looking at the broader impact of divestment movements in the past, we note the primary impact is on public and political awareness policy, market norms and investment principles, for example. The Bill could also have an enormous impact on private sector awareness of the transition and the need to engage with the transition in order to survive and thrive in the future. There is an incredible body of emerging evidence, analysis and recommendations concerning the need for the private sector to start monitoring and managing climate risks. On advancing the transition, there could be a huge impact on the private sector in Ireland, based on the sense that the State will back those industries and companies that are really engaging with and embracing the transition.

As Ms Finnan said, the national mitigation plan is really the platform for the whole-of-government approach in the public sector. We have our concerns about the draft plan in that it is not where it needs to be in closing the gap to the 2020 targets and putting us in a position to transition in a cost-effective and meaningful way towards meeting our 2030 and 2050 targets. In this respect, the Bill could send a really clear political signal that elected representatives are attentive to the scale of the ambition and the need to step up the pace of the transition. It is a question of setting an expectation with regard to energy policy across all sectors that each decision on policy and investment will be scrutinised by elected representatives to ensure it is always reaching to the higher end of ambition rather than defaulting to the closest business-as-usual arrangement. The latter is often the case. We want the Bill to contribute to ensuring we are always reaching to the most ambitious and viable pathway for Ireland.