Heather Humphreys (Cavan-Monaghan, Fine Gael) | Oireachtas source

I move amendment No. 28:

In page 52, between lines 6 and 7, to insert the following:

"(d) without prejudice to paragraph (c), the extent to which a scale and methodology, and custom and practice, referred to in that paragraph take into account climate-related risks.".

This amendment comes about in response to an amendment tabled by Deputy Ó Cathasaigh on Committee Stage. I stated at the time that I was amenable to considering the matter and bringing it to the OPC to see how it could be provided for. As I recall, there were four amendments from the Deputy that I undertook to respond to on Report Stage. I am doing that today.

This amendment inserts into the Bill a new provision on the regulations that the Minister for Social Protection may make. In the context of how the investment services will be provided by procured investment managers, it will be described in terms of risk level and scale. What was missing from the Bill was the idea that the regulation should take into account the concept of climate-related risks. As I understand it, there is custom and practice emerging on how this ought to be taken into account when developing an investment strategy and I am happy to provide for it in the Bill.

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