Results 4,101-4,120 of 6,295 for speaker:Michael D'Arcy

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: The position is that we do not believe it is the vehicle through which climate change measures should be actioned.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: We are in the stage of what the clerk called detailed scrutiny. We have to conclude our thought process on that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: The current policy is that is the case. It is the current legislation. The NPRF has the opportunity to invest in a company to get the maximum return. ISIF funding is divested from the global pot to invest in Irish companies that provide Irish jobs. ISIF will implement the policy. The policy is based on legislation. It is determined now in the new political arena here. Whatever the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: The answer is that ISIF is doing that anyway. It is divesting from fossil fuel investment. That is what we are hear to talk about. We believe it is best that it be done over the five-year period in line with existing policy. We are concerned that there are companies that could be excluded from funding by the indirect consequence of the definition. That is the main concern.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: The only question is the definition and its potential impact on the business about which I spoke to the Deputy, a plastics factory that is indirectly covered by this legislation.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: Unfortunately, the point is also very clear for fossil fuel companies. The ESB and Bord na Móna, which were mentioned, would be excluded in terms of processing and refining, which are crucial.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: The core principles of the Bill have been accepted regarding the bona fides concerning what the Bill is about but we feel this is not the right tool with which to have an impact on climate change. Other Departments would have to be consulted, including the Department of Communications, Climate Action and Environment and, most likely, the Departments responsible for transport and energy. We...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: I am not trying to paint a rosy picture. The National Pensions Reserve Fund had a single objective: to maximise funds on behalf of the Irish nation. The fund invested. Then, the strategy changed. It was altered and moved towards bringing the money home to invest in Irish companies to benefit Irish jobs. Without having made that decision years ago, we would not have an extra 220,000 jobs...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: I think it is important to defend the fund. Earlier, I noted the actions ISIF is taking to address climate risk. I think the record of the fund is better than most. It is the only fund in Ireland that is a signatory to the principles for responsible investment. It is important to put that on the record. Deputy Doherty used the terms "dirty" and "dangerous". I do not believe that is what...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: No, I am saying that the legislation could have a major impact with unintended consequences.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: I asked the managing director of the company whether the company had ever done work for a fossil fuel company. It has. It is approximately 3% of the work of the company. The company would be affected. The company does a small amount of work for fossil fuel companies but it is affected. If that company was fortunate enough to get funding from the Strategic Banking Corporation of Ireland,...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: I apologise. It does a very small amount of work, less than 3%. Anyway, the company would be excluded.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: What we are saying is that it is not the correct vehicle to impact on climate change. The unintended consequences could be grave. I realise Deputy Pringle is saying he would like to have SMEs exempted. However, that would depend on the legislation and what is changed. Let us suppose the Bill is passed on Committee, goes back to the Chamber and everyone is satisfied. A vast quantity of...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: Sorry, I did not catch what the Deputy said.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: Sorry, can Deputy Pringle say that again?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: What we are saying is that this is not the method to deal with it.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: I am referring to dealing with investment policy in terms of climate change. The Bill would have a major impact on the fund, its work and how it is managed. We have outlined the potential unintended consequences. ISIF will take instruction from the Parliament, because the Parliament will decide on policy. If we want to prevent ISIF from participating in peat-burning stations somewhere,...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: By legislation.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: Yes.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Fossil Fuel Divestment Bill 2016: Discussion (27 Jun 2017)

Michael D'Arcy: The problem is that we believe there is such a wide definition. We believe that is an error. It is as simple as that. We do not believe this is the way to deal with it. If the Deputy were to decide to come in with an anti-peat burning Bill it would be considered. We do not think, however, that that is the method.