Donnchadh Ó Laoghaire (Cork South Central, Sinn Fein) | Oireachtas source

Is fiú trácht a dhéanamh ar cé chomh tromchúiseach atá an t-ábhar seo. Muna bhfuil athrú suntasach ó thaobh fuinnimh agus úsáid breoslaí ar nós gáis, ola agus peitril, níl aon dabht ach go mbeidh an-tionchar aige sin ar an domhan agus ar Éirinn. Tá go leor plé faoi theifigh agus gach rud a mbaineann leo seo faoi láthair. Muna bhfuil athrú ó thaobh an fhuinnimh atá á úsáid ar fud an domhain, beidh tionchar aige sin ar líon na dteifeach atá ag fágáil tíortha atá faoi bhrú de bharr athrú aeráide. It is worth reflecting on the seriousness and weight of the challenge we face. There is no doubt but that the world is at a very dangerous juncture. Communities, societies and countries all over the world, particularly in the developing world, face very serious consequences and very concerning situations, as does Ireland, because of climate change. There is no doubt about the need to act.

I commend Deputies Connolly, Pringle and Joan Collins on bringing forward the motion. We certainly agree that the Fossil Fuel Divestment Act was a step forward at the time but shortcomings have been identified in it that need to be addressed. I welcome the fact the Government is not opposing the motion. As Deputy O'Rourke said, there are issues with derivatives, hedge funds and so on, which is resulting in funds connected to Ireland investing in fossil fuels at a time when we need to move far and fast away from that.

It is worth acknowledging that the news from COP at present is more positive than might have been the case 24 hours ago, but it is a source of regret that our expectations may be so limited that what seems welcome is possibly a step below the very least we should expect in some respects. There is no doubt that while COP is the only game in town, and is the forum and the mechanism, the targets that have been set are disappointingly unambitious. That needs to be tackled.

On our part in Ireland, I welcome the motion and the fact it is trying to tackle the investment that funds connected to Ireland make in fossil fuels. In general terms, we have to confront the fact that we are a climate laggard. We are ranked 21st out of 27 European countries for performance on climate change. We had the largest rise in greenhouse gas emissions in the EU last year. We are the biggest emitter per capita. In a context where 23 EU states recorded a drop in emissions, a lot of our targets are being missed time and again. Some 95% of industry experts have said that Ireland will not meet its renewable targets. That is a significant cause of concern.

The renewable side of things is a source of concern for me. The renewable electricity support scheme, RESS, auctions are an important driver of policy. The price for the most recent auction, €100.47 per megawatt hour, is significantly up on RESS 1 and RESS 2, which were €97.87 per megawatt hour and €74.08 per megawatt hour, respectively. The most recent bid price is the highest yet. It is a staggering cost and, on top of that, it is the smallest volume of renewable energy to date. There is an awful lot to do. The potential of Ireland to be a world leader in renewables is huge, but the issues with the grid and the fact that we are drifting significantly from our targets need to be addressed.

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