Denis Naughten (Roscommon-Galway, Independent) | Oireachtas source

That is a very welcome and positive initiative. However, there is little point in the public making monumental efforts to meet the targets set out in the climate action plan if its investments and deposits are being used to fund further oil exploration or increased use of fossil fuels. This year, investors in coal production will have a bumper return and profits. We need to see full transparency from our banks and financial institutions in this regard and we must raise awareness among the public. Fossil fuel investment must be treated just like tobacco investment.

However, this has to be done at EU level and not just domestically. The Minister is president of the Eurogroup. He sits on the Economic and Financial Affairs Council. We need to see measures taken at EU level to force banks, asset managers and listed companies to publish transition plans on how they will divest from fossil fuels and decarbonise.

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