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

I assure Senator Higgins that I would be happy to address the matter of sovereign green bonds at any stage. It is a question of when this House can facilitate me. If there are any questions that I do not answer in these remarks, I will try to answer them on Committee and Report Stages. The African Development Bank and the African Development Fund make an important contribution to the improvement of the quality of lives in Africa. This is the primary driver for our ambition to become a member of the bank and to participate in the fund. Membership is consistent with the goals of Ireland's development policy. I have no doubt that it will add to our long and proud development tradition of investing in Africa and investing in people.

Although membership may create new opportunities for Irish businesses - for example, to tender for the delivery of bank and fund projects and services - I reiterate that Ireland's commitment to untied aid remains unchanged. We will be active members of the banking fund when we join it. We will contribute to the discourse in the bank and the fund on policy, resource allocation, governance and such matters. However, no restrictive conditions will be attached to our subscription. The importance Ireland places on ensuring its operations are held to account against robust standards in human rights, social and environmental standards, gender equality and governance issues is central to our engagement with the bank and the fund. In this regard, I am advised that the bank has strong operational frameworks and standards in place. Of particular note is the bank's integrated safeguards system, which is the cornerstone of its strategy to promote growth that is socially inclusive and environmentally sustainable. I am advised that the bank has operational safeguards and mechanisms in place to make sure vulnerable populations and the environment are not harmed by its projects. I understand that these independent review mechanisms cover adverse impacts on the environment, society, labour conditions, health and safety, involuntary resettlement, biodiversity of ecosystems, pollution prevention, the control of hazardous materials and resource efficiencies.

From an accountability perspective, the bank's governance structures ensure there is transparency. Its operations are open to the scrutiny of its members. When Ireland joins the bank, it will be represented on the board of governors, which is the bank's highest decision-making body. Through our constituency membership, we will be represented on the board of directors, which is responsible for the bank's general operations. This will give Ireland ongoing access to channels of communication regarding the work of the bank and the fund and will enable Ireland to make an input into the decision-making process. Another point of discussion which has emerged during the debates on the Bill to date relates to reporting arrangements in the Oireachtas. I am sure the Minister will give full consideration to the views Senators and Deputies have expressed on Ireland's prospective membership of the bank of the fund and Ireland's dealings with international financial institutions more generally.I thank the Senators for engaging with their time in this legislation.