Seanad debates

Friday, 17 July 2020

National Oil Reserves Agency (Amendment) and Provision of Central Treasury Services Bill 2020: Committee and Remaining Stages

 

10:30 am

Photo of Eamon RyanEamon Ryan (Dublin Bay South, Green Party) | Oireachtas source

What Senator Ward said about the consolidation of Bills is true in so many different ways. We may have to come back to this legislation in five or ten years as we move out of the fossil fuel era into an alternative where energy storage and security would be completely different. It may involve batteries, hydrogen or interconnection. We do not know that yet but in the interim, under international obligations and for our own interests, we need to maintain a certain strategic reserve of oil for transportation. I will be honest; I do not intend to accept the amendment. I can understand where the principle is coming from but the focus of this legislation is very specific. It is not about changing the work NORA has done. It has done its job well, as has the board. The board is made up of people with specific skills in logistics and oil storage, which is what NORA does. It is a very straightforward, specific agency. The real climate expertise has to reside in the Department because that is where the expertise will be required when it comes to how the fund and the community engagement are managed to make sure we get real engagement in coming up with projects. My instinct is to leave well enough alone as regards what NORA does as its core business and focus on the distribution and management of the fund, which is the key new piece. We may need to move away from that in ten or 20 years as we will be in a completely different energy world. I would prefer if we did not have those big storage containers at the end of Poolbeg Peninsula, on Whiddy Island, Whitegate and elsewhere. I would prefer if that was converted to something completely different, but that is legislation for another day. Today is about getting the money from the fund to support climate action.

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