Alice-Mary Higgins (Independent) | Oireachtas source

I welcome the Minister of State to the House. In principle, I support this Bill. As others have said, we have previously discussed the relationship between Ireland and many African countries. Africa is a young continent. As many of the new approaches to development that are going to come out of countries of Africa will shape much of the next millennium, it is appropriate that the State engages in partnership with them. I have concerns regarding how this Bill and our participation in the African Development Bank and Fund, which itself is positive, intersects with our other areas of partnership. I am concerned to ensure that, for example, our contribution to participation in the African Development Bank and Fund will in no way be seen as contributing to or marked against our commitments in terms of international development funding. That is important because in terms of our aid budget, Ireland has a strong record of untied aid. We have won respect internationally because we have not, as many other countries have, attached conditionalities and commercial benefit for ourselves to our aid budget but have instead worked to ensure that the money which Ireland gives in aid is targeted at the most vulnerable. For example, we work with Governments to ensure the education, health and front-line services are improved. We have a strong record through our aid programme of supporting civil society such that it is civil society in the different countries of the African continent that is strengthened and able to hold Government to account in that regard. The Minister of State said that our international development policy is being reviewed and in that context. I seek assurances that this financing, which has a very different approach and a very different set of conditions, will not be cited as a rationale for us not working to achieve the 0.7% goal in the context of our aid commitments. This is different because it is in an investment framework and is not the same as aid.

In terms of conditionality and the question of untied aid, one investor that has had a poor record in terms of the conditionalities that were attached to countries in the past is the World Bank. I note the change to the Bill that was made in the Dáil with regard to Ireland's participation in international finance co-operation which means that we are moving to a situation whereby our engagement with the World Bank could now be done via a motion in the Dáil rather than by way of the legislative process. This means that those of us in the Upper House will potentially have no opportunity to engage on any changes in policy. That is a matter of concern because while the World Bank's recent research has taken it in a much more positive direction, it has had a very poor record of imposing conditions and development models on developing countries that have proved very damaging. That has been shown by the bank's own research. In that regard, I have some concern that we may not have the opportunity to engage on these matters in the future. I ask the Minister of State to reassure me that we will have the opportunity to debate and discuss the way that Ireland engages with other investors such as the World Bank because I fear that such opportunities may be diminished by this Bill.

The Minister of State talked about public investment and again, the devil really is in the detail. Are we talking about investment in roads, water and infrastructure? This is also where conditionality is important because in the past, particularly in the case of the IMF, we have seen conditions attached whereby investment must be done by private corporations. There is a real potential for tension, as we saw with regard to water in this country and the debates around that. In the context of sustainable development goals, we must ensure that there is flexibility for African governments to respond to civil society. We must also ensure that they are accountable to their people for the way they deliver infrastructure and not just accountable to investors. That space is important. These are important principles which Ireland has always supported and I want to ensure that we do not slip away from them. Our role in the context of governance is also important.

I have a very specific concern with regard to fossil fuel divestment. Under the provisions of the Fossil Fuel Divestment Bill, we must be satisfied on reasonable grounds that any indirect investment in which we engage, as per this Bill, is unlikely to have an excess of 15% of its assets invested in fossil fuel undertakings. I am sure the Minister of State will be keen to satisfy this House that the African Development Bank and our investment in it is not compromised and satisfies the 15% condition. Concerns around human rights have also been mentioned and I would like to add to them. We know that a number of Irish companies are involved in the extractive industries and we must ensure, in line with our business and human rights policies, that the best practices are promoted.We want to ensure that best practices are promoted in line with our business and human rights policy. For example a complaint has been made against San Leon Energy regarding its proposed extractive work in Western Sahara, an area in which there is currently not an actor who can agree to the work. It therefore cannot satisfy the UN requirement that an authorised, recognised party engage in local consultation in respect of that extractive practice. This is key because this is an Irish company. It is the kind of Irish company that may potentially come looking for investment from the African Development Bank. What are the safeguards in that regard? What will Ireland's role be? How does the Minister of State see human rights and the environment being safeguarded? I thank the Minister of State for all of that.

My last question is related. The Minister of State has discussed green bonds and Ireland's recent sale of same in the House on a couple of occasions. Will he commit to coming to the House and having a longer discussion on green bonds at a later stage, perhaps in January? It is an important issue.