Lynn Ruane (Independent) | Oireachtas source

I thank the Leader of the House for facilitating this debate in Government time. It is very welcome and it illustrates the cross-party support and enthusiasm for this legislation.

I welcome the Bill to the Seanad and express my strong support for its provisions and the principle of withdrawing investment in fossil fuel companies as a measure to combat climate change. I congratulate Deputy Pringle on successfully steering the legislation through the Dáil as a Private Members' Bill, which is not always an easy feat for those of us in opposition. I also acknowledge the role played by Trinity College Dublin and its students in influencing and stimulating the divestment debate in Ireland. When I was president of the union I was involved in navigating the discussions that led to the move by the college's board to become the first university in Ireland to divest itself of fossil fuel investments in 2016.

I also pay tribute to the student activists involved in Fossil Free TCD and the incredible grassroots campaign, with Trócaire, that spearheaded the movement's impressive advocacy for something that was not a mainstream political issue when they started. Through their work, and the place that Trinity College occupies in Irish public debate, however, it became a mainstream issue. The issue has gone from one campaign by a handful of students a few years ago to one which is the subject of an Act of the Oireachtas and I recognise the role of Trinity College students in making rapid progress happen in this area. As a Senator who is not usually parochial, I am sure fellow Senators will forgive me for giving so many congratulations to Trinity College.

As a public policy measure, divestment is important because it allows for a carbon bubble, which is when divestment in stocks and shares in fossil fuel companies reduces the value of these companies to the point that these companies will be unable to open more oil, natural gas or coal fields, making the fossil fuels themselves stranded assets, unable to be used or burned which, therefore, reduces CO2 emissions. The value of fossil fuel companies is estimated in the market to include the value of the massive, untapped fossil fuel reserves that have yet to be fully opened up and extracted. Through divestment, we can make sure these reserves stay as they are and do not support the often reckless behaviour of fossil fuel companies in terms of exploration.

This Bill will represent an important part of the Irish efforts to contribute to the global climate justice movement, especially at a time when we are completely failing to hit our emissions targets and when even our Taoiseach describes Ireland as a laggard in European terms. As a small, island nation off the coast of Europe with a temperate climate supported by marine trends, Ireland is, unfortunately, vulnerable to extreme changes in weather. These extremes always disproportionately impact on disadvantaged and poorer communities, heaping additional pressure on us to make sure Ireland is pulling its weight. This Bill is an important part of that but only a small one and I hope that, following the passage of this Bill, the Minister will use its climate justice principles to inform all his work in the Department of Finance.

Climate justice is the ultimate cross-departmental issue and, as the holder of the purse strings, the Minister is in a unique position to orchestrate efforts across the State to reduce emissions and make the move to a just transition. I thank the Minister for his time and I hope this Bill will return for Committee Stage.