Alice-Mary Higgins (Independent) | Oireachtas source

I move amendment No. 39:

In page 28, between lines 33 and 34, to insert the following:

“Amendment of section 37B of National Oil Reserves Agency Act 2007 20.Section 37B of the National Oil Reserves Agency Act 2007 is amended by the insertion of the following subsection after subsection (13):

“(13A) The Minister may not provide monies paid out of the Climate Action Fund to any oil companies who are subject to levies under section 37 of this Act.”.”.

I wish to take this amendment separately because it concerns a slightly different point. The others concern issues around petroleum and explorations. However, this amendment relates to the climate action fund.

It seeks to provide clarification on the list of areas that may be funded by the fund. There is a concern in respect of some of areas around renewable energy and the transition to that. We do not want to have a situation whereby the fossil fuel and oil companies paying levies under section 37 of the National Oil Reserves Agency Act 2007 because of the cost that they create in respect of energy can take money out again. As part a recognition of their responsibility to contribute to the transition that is needed, the same companies that are paying the levies should not be able to take the money out again, wearing another hat or through a subsidiary company. Many of the big oil and gas companies are taking cases against governments to enable them to continue extracting oil and gas, while setting up subsidiary companies to get in on the next thing with renewables at the same time.

The amendment seeks to copper-fasten and ensure that we are not requiring companies to give with one hand and allowing them to take with another. Some not-for-profit initiatives that are set up are, in fact, subsidiaries controlled by fossil fuel companies. The amendment seeks to ensure that there is clarity. We want to ensure that funding from the climate action fund is going to the alternatives, the new perspectives and the nature-based solutions, the inclusion of which I welcome in the section.