James Lawless (Kildare North, Fianna Fail) | Oireachtas source

I congratulate Deputy Pringle on bringing the Bill through to this Stage. Even in this era of new politics not many Private Member's Bills get to Report and Final Stages. This is one of the few I have seen reach those Stages. I also acknowledge the work of Trócaire and the Stop Climate Chaos coalition and other non-governmental organisations, NGOs, and organisations that have been very involved in advocating for this and bringing it forward. Many of them are in the Public Gallery today and they are welcome. As Deputy Ryan said, it is great to see a full Gallery for our debate.

The Bill sends an important signal to the markets and to industry that Ireland is beginning to get serious about climate change. As well as being the morally right thing to do there is also a very strong emerging economic argument for this. If we embrace renewables a green energy revolution and an economic revolution, as well as an energy and environmental revolution, can take place, creating thousands of new jobs in the energy sector, renewable energy and supporting technologies. There is massive opportunity there. From a financial point of view it makes sense because more and more we see the phenomenon of stranded assets. The risk profile of fossil fuel funds is slightly different from what it might once have been. The World Bank recently announced that from 2019 on it will refuse to finance any further fossil fuel development projects, which is highly significant. It creates the possibility of stranded assets where people have invested and the shareholding becomes less valuable over time. As well as the moral and environmental imperatives there is a significant economic and financial argument.

It is an important Bill but it is only one step. It is very commendable but much more is needed. Professor John Sweeney of Maynooth University gave a presentation at a meeting of the Oireachtas Joint Committee on Communication, Climate Action and the Environment last week. One of the statistics he quoted from his research is that Ireland ranks 27th out of the 28 EU countries for progress on climate change. That is second last, very far from where we ought or need to be. We are only second behind Poland, which has a history of coal plants and fossil fuel.

Many other measures are needed. Deputy Bríd Smith has a Bill, the Petroleum and Other Minerals Development (Amendment) (Climate Emergency Measures) Bill 2018, colloquially known as the "keep it in the ground" Bill, which we support. Many other steps are also needed. As Deputy Eamon Ryan said, many of these measures are coming from the Opposition but what is really needed is a seismic shift in Government policy. It is the Government that has the driving wheel and it needs to move us in a different direction. From my experience on the Committee on Climate Action and here in the Chamber, there appears to be an approach from the Government sometimes of managing the fines rather than managing the problem. I asked the Taoiseach last year, on the Order of Business, what provision was being made for the fines that would inevitably accrue from failing to meet our 2020 targets.

The Taoiseach's rather glib response was to say that it would be dealt with next year because it was not a budget provision for this year. The time has come and it is now. We must get real and the Government must get serious about climate change. I do not think there are many remaining climate change sceptics at this stage, either in this House or anywhere else. The proof is before our own eyes. We had the biggest snowfall for 50 years in February and March and now we have the greatest heatwave for 50 years. The proof has been in the pudding, even for the last three months, and we are seeing it before our very eyes. I doubt many people are left that are sceptical. The proof is there, the need is there, this is a fantastic Bill and we are delighted to support it. Many other measures are needed and Government action is needed as well.

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