John Lahart (Dublin South West, Fianna Fail) | Oireachtas source

I thank comrade Boyd Barrett and will echo some of the sentiments he raised. The Fianna Fáil Front Bench had a very interesting discussion on this on Tuesday. It was a very serious conversation which I will summarise. I am old enough to remember how and why the National Treasury Management Agency, NTMA, the predecessor of ISIF, came into being. It was to use investments to save and make money for Irish taxpayers and it has done that very effectively. It is prudent and timely to review some of the things it does. Some of the arguments against Deputy Pringle's Bill are as follows. Why set up, as the Government did 30 years ago, an independent body and then dictate how it should invest? The NTMA seems to be expert in investment and in terms of reaping benefits for the taxpayer. ISIF's investment strategy is already guided by sustainability and responsibility and it has an €800 million fund for investment in renewables such as forestry and onshore wind. However, the case for Deputy Pringle's Bill is most compelling and that was the view of the Fianna Fáil Front Bench on Tuesday. It felt that Ireland has to get serious, and be seen to get serious about, our Paris commitments, which cannot be shirked. We have to work out our values as a country on this issue and be serious about the issue. We believe that ethical investments are important and the Government's position on this was particularly depressing. We have to back up ethical principles with actions and two countries in the European Union already do this.

We need to take control of what we can take control of. As Deputy Dooley said, Fianna Fáil is hugely ambitious about climate change but the actions we take as a country and as a Parliament must be seen to be louder than the words we speak. The Minister's comments do not reflect the urgency of the situation. They do not reflect the fact the Bill would give ISIF five years to divest, and then to invest in renewables and clean and ethical projects. Climate change requires immediacy of action.

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