Lynn Ruane (Independent) | Oireachtas source

I will. I welcome the Minister. I would like to speak on the divestment of investments in fossil fuels and the movement we are seeing developing globally, which has begun to find success here in Ireland recently. I applaud the work of the Fossil Free campaigning group from Trinity College Dublin, which, after a well-executed campaign, has received a commitment from the college authorities that the university will now divest all investments in fossil fuels. I was delighted, in my role as president, to be able to facilitate the first conversations and the open and transparent communication that happened between the students and the board of Trinity College. I would urge other institutions to follow suit in regard to engagement with students who know this area and to take on board their expertise. A press release today from NUI Galway shows its president is now committed to working towards divestment, and I hope his college and his colleagues row in behind that.

The matter I want to raise draws from and seeks to capitalise on the momentum that has been established by the decision of Trinity College to divest. The Ireland Strategic Investment Fund currently has over €100 million invested in fossil fuel stocks. I call on the Minister to consider divesting those investments and committing to a 100% renewable energy policy. Such a move would be in line with the commitments made by the Government under the Paris Agreement, which seeks to limit any increase in global warming to 2° Celsius and recognises the catastrophic effect of any increase beyond that limit. If the Government was to take this divestment step, research conducted by Oil Change International shows that fossil fuel companies will not be able to burn all of the fossil fuels they are currently extracting from fields in operation. Such a step could allow for the creation of a carbon bubble, whereby fossil fuel companies will not be financially able to open new oil, coal and natural gas fields, with the result that investments in these projects will subsequently be devalued and become stranded assets. This will mean less cumulative carbon emissions and the Government will have played a substantial part in meeting its commitments under the Paris Agreement. Moreover, if the Government had taken this move in 2015, it would have made a €22 million profit, so there is also a financial argument to be made, as well as a moral and environmental one.

We are all aware of the potential for devastating impacts of climate change over the coming decades. It is always the case that climate change affects the poorest people in the world first. The appeal I am making is supported by organisations like Trócaire which work with people in less developed countries who are already facing huge struggles posed by climate change. Even in Ireland, we have seen how flooding has affected our citizens and the economy in recent years and this trend will be exacerbated unless we act quickly and decisively to restrict emissions. Moreover, a study of the ISIF's investment portfolio in 2015 showed it had over €100 million in fossil fuel companies. To continue to invest in these fossil fuel companies is to knowingly invest in those emissions and their potential impact. Moreover, the ISIF's sustainability and responsible investment policy places significant importance on climate change and acknowledges the important role of investors in tackling climate change and the mandate of the fund to align with the Government's decarbonisation commitments. It is also very clear that now, more than ever, is the time to divest. The ISIF is currently carrying out an ongoing review of its own investment strategy and makes a divestment goal even easier to include in the strategy going forward.