Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

This is a significant amendment which essentially rewrites the Bill's objectives and what we are hoping to achieve. The amendment reflects the very good debate we had on Committee Stage where we tried to tease out the key issues to make sure the Bill is workable. It is not just symbolic, or gesture politics, it has real meaning and will make a difference, albeit a modest one, but it is an important step nonetheless. The changes to the definitions are pragmatic, for example of what a fossil fuel undertaking is, what it is engaged in by way of "exploration for or extraction or refinement of a fossil fuel where such activity accounts for 20 percent or more of the turnover of that undertaking". That is one issue we went through in some detail on Committee Stage.

Indirect investment is a critically important part of this debate. That is dealt with in the amendment by setting a threshold of 15% to measure it, which is important too. The key point for its implementation is that the Ireland Strategic Investment Fund, ISIF, the National Treasury Management Agency, NTMA, the Department and the Government need to embrace this because there is discretion left to ISIF on the application of this, that it "shall endeavour to ensure that the assets of the Fund are not directly invested in a fossil fuel undertaking" and where it has investments as we know it does it "shall divest the assets of the Fund from such investment as soon as practicable". We need an assurance that ISIF will live up to the spirit of the legislation. That can be interpreted one way or another but we all know what the driving force and intention are behind this legislation. It is important that ISIF deals with that and embraces it fully because there is also provision under subsection (4) to make investment in fossil fuel undertakings if it is satisfied that it is consistent with several grounds, including "(a) the achievement of the national transition objective, (b) the implementation of the State's climate change obligations" and so on. There is discretion for ISIF. We need to know that this legislation will be embraced fully. The State needs to lead on this issue and while the impact of this Bill is modest it does make an important statement about the direction in which we wish to see policy going in the country, that is to reduce our dependence on fossil fuels, to invest in low carbon footprint technology, to invest in renewable technology and renewable energy. To be fair to ISIF, it has invested in companies that focus on renewable energy.

I warmly thank and congratulate Deputy Pringle on a fine piece of work. He has shown great patience in taking the Bill through the various stages. I know a great deal of work went on behind the scenes with the Minister and the Department to reach agreement on the substance of the amendment which has been put forward today. The role of Trócaire has been instrumental and in particular I acknowledge the work of Cliona Sharkey and Selina Donnelly. I thank Deputy Dooley, our spokesperson, who led the debate within our party and who strongly advocated from the very beginning that we adopt a supportive role on this legislation. I thank Deputy Pringle and all concerned. We hope that this is a seminal moment in respect of the State's attitude to this challenge for this and future generations. We are not living up to our responsibility and we know what the consequences are of not doing so. We have an opportunity to play a leadership role as a small, independent country. This is an example, in respect of this policy and the legislation, which has been spearheaded by Deputy Pringle, of how we can demonstrate that leadership. We will continue to play our role on this side of the House and in this party. I hope this legislation will pass and be enacted.

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