Alice-Mary Higgins (Independent) | Oireachtas source

I move amendment No. 1:

In page 6, between lines 31 and 32, to insert the following: “and

(c) by the insertion of the following subsection after subsection (5):

“(6) The Agency, in the performance of its functions and powers under this section, shall be cognisant of the Fossil Fuel Divestment Act 2018 and Irish and EU climate targets. A regular report on actions or positions taken in a representative capacity under section 8 will be provided to the Minister.”.”.

Considerable functions and powers are given to the agency under the National Oil Reserves Agency Act, some of which are subject to the approval of the Minister and some of which are not. I will cite two examples as I am conscious that we have to get through many amendments. The agency may, subject to the approval of the Minister, "enter into joint ventures, partnerships or other commercial arrangements with other persons to construct, acquire, maintain and develop in the State or elsewhere works, plants, equipment, storage tanks" and so forth. This relates back to an issue we have not teased out. Perhaps the Minister will indicate when we will have an opportunity to talk about the scale down and clean up issue, which is important.

Many decisions are going to be made by the agency in the context we discussed, namely, that of an internationally shifting environment in which many companies are going bankrupt and many assets are being purchased and disposed of. There is another function I wish to highlight, which is representing at the request of the Minister a Minister of the Government at meetings of international bodies insofar as those meetings relate to the holdings of oil stocks. Again, I acknowledge there is some specialism within the actions of the agency, but those functions as the agency performs them exist in a climate which is changing and in an environment that is shifting in terms of the political and economic landscape around the energy industries. Most importantly, there has been a changed policy environment in Ireland since 2007. We now have the Fossil Fuel Divestment Act 2018 and climate targets we must meet.

The amendment is simple. It provides that the agency as it performs all these functions, and I am not attempting to take them away, would be cognisant of the Fossil Fuel Divestment Act and of Irish and EU climate targets and that it would report in respect of the actions it takes in a representative capacity on how it was cognisant and did reflect that it was aware of, for example, the exit plan or the scale-down plan or our climate targets in these international meetings. We certainly do not want some agency authorised by the State to take a position at an international meeting in favour of new drilling or the creation of new, unnecessary infrastructure. There is a balance. I recognise the need for the energy reserve. Nobody is contesting that function, but that function should be exercised in a way that is consistent and coherent. I suggest in the amendment that the agency report to the Minister. As many of these actions are subject to the request or approval of the Minister, the Minister could instead assure me that he will ensure that those factors are requested when he gives his request or approval and that he will find a way to be accountable to the Houses for those actions.