Oireachtas Joint and Select Committees

Wednesday, 22 November 2023

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

General Scheme of the Future Ireland Fund and Infrastructure, Climate and Nature Fund Bill 2023: Discussion

Mr. Oliver Gilvarry:

On the timeline, as I said to Deputy Doherty in regard to the process we are going through, we are conscious of this as we are moving through in regard to the future Ireland fund, the ICNF and what our frameworks are. We do have a framework for the investment strategy that ISIF and the board of the NTMA put forward in consultation with the Minister for Finance and the Minister for Public Expenditure, National Development Plan Delivery and Reform. It is the same as what I said earlier. We are working through this and we need to see how we can get the right solution and a framework that can actually work. The Deputy is outlining the issue and we can see the issue in the Middle East but, again, it is that we have a framework that can operate for other issues that we may face in the future. To be fair to ISIF, when we look at what has been done, we have certain legislation in place on fossil fuels but we also have frameworks in place that are voluntary and offer guidance in regard to other aspects. We are working through this. It is the same point that I made earlier. This is not something that we are ignoring. We are seeing what is the best way to get the best solution on this.