Oireachtas Joint and Select Committees
Tuesday, 5 November 2024
Joint Oireachtas Committee on Climate Action
COP29: Discussion
10:55 am
Ms Siobhan Curran:
The Fossil Fuel Divestment Act was a milestone at the time and an incredible achievement. In hindsight, it needs to be updated and expanded, in particular to include harmful agribusiness. There are two elements to this. Public finance goes through the Ireland Strategic Investment Fund, which the State needs to ensure is not flowing to fossil fuels or harmful agribusiness, and the State needs take the necessary legislative steps in that regard. There is also private finance, which is something that has to be grappled with. We need to understand the necessary EU tools that are needed to regulate private finance flowing through Ireland and what Ireland needs to do domestically.
As I mentioned, if we see significant financial flows through investment managers based here, that feels like something Ireland needs to address. At the moment, there are no tools to do that. The corporate sustainability and due diligence directive, as I said, will be transposed here. In essence, if investors were included in that scope, that might provide the necessary regulation. At the moment they are not, but perhaps that is something Ireland needs to consider to address its particular situation.