Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

I am sure it is a matter that will be debated more than once after I leave this House. I will try to address some of the issues raised. The Ireland Strategic Investment Fund, ISIF, publishes extensive information on its investments. This Bill will impose further reporting requirements on the investments, which is good. On student activism, it is good that students started this process and we are concluding it with legislation. The media coverage on the Bill has been encouraging. Ireland has been described as a laggard in regard to meeting its targets under the Paris Agreement. We will not achieve what we would like to have achieved by 2020. I reiterate the Taoiseach's statement that the objective is to be ahead of where we should be in 2030.

During my time in the Department of Finance, I have learned a lot about fossil fuel, sustainable green financing and sustainability of the planet. The investor attitude is well ahead of the public. The investors are changing companies because they know and understand that for their companies to be secure into the future, there has to be a future. They are changing attitudes in boardrooms and insisting on change. On this occasion, ISIF represents the State. We are the investors but we are well behind corporate investors internationally.

Ireland introduced its first sovereign sustainable green bond in the previous month. I accompanied the NTMA on the roadshow to Paris and London and I was involved in the pitch to investors for our sovereign green bond. We sold €4 billion worth of bonds, oversubscribed by almost four times at an incredibly low rate. There is an investor appetite for this initiative and everything attached to it because, as I said, without this, there is no future.

I commend Deputy Pringle on the introduction of this initiative and all of those who assisted him in that regard. There has been a lot of engagement on this matter between Deputy Pringle, me, the Department of Finance, ISIF and the NTMA. While it took a bit of toing and froing, most people are satisfied that we have achieved the desired objective. I thank the House for facilitating the Second Stage debate on the Bill. I am hopeful we can conclude all Stages as quickly as possible. I understand Committee and Report Stages are scheduled discussion for next month. I hope to bring this legislation to a conclusion as quickly as possible.