Ms Mairead McGuinness:

I am in a hurry. I thank the Members for their really excellent contributions because they will feed my mind when I go back to the Commission and discuss these topics. I want to address the matter of Senator Clonan's communion money, although he did not say how much it was, and his comments about return on investment for citizens and savers and about investments. Europeans are great savers. We stuff our money into banks and do not realise it could be better used by investing it. We will have a retail investment strategy very soon which will address all of those joined-up topics. The Senator will then be able to bring his holy communion money out and invest it wisely in that sustainable future. It sounds very simple and straightforward but it is the truth; compared with the US, we are not investors, and we need a lot of money to fuel a more sustainable economy and society. I take note of the Senator's comments on interest rates. While I do not impose them, there are clearly issues for member states to look at.

I thank Senators for raising the issue of the taxonomy because it gives me the opportunity to make a very important point. When Russia turned off the gas, if we had done nothing and gone without gas, companies would have closed, jobs would have been lost and citizens would have frozen. We had to take the very unpalatable decision to go out and seek expensive gas. Sadly, coal was also used. There are moments in a transition when you make very pragmatic decisions in order to get where you need to be. In speaking about the taxonomy, it is only fair to say that we have a great system here in that I can be challenged for my decisions. That is absolutely key and I welcome that civil society does that. However, nuclear energy and gas are included as transitional energy sources in the taxonomy. The word "transition" matters. It is a large word and it is important.

Senator Pauline O'Reilly's comments on agriculture are welcome. I know her blood boils when farmers are angry. It is important to note that there is a build-up of upset and frustration at farm level. I know it. I sometimes go home to a farm and I hear these stories.We also need to understand that the process of change requires an approach that brings people with us. I think we are on the same side on this. We all want change in the right direction, and I think we will get there. Tomorrow morning in Strasbourg I have a very big debate on that very topic. I hope it will enlighten.

On anti-money laundering, I am going to start negotiations on Thursday in Strasbourg about our very much enhanced money laundering policies. It will bring the results that are needed.

On the issue of peace, we take it for granted. It is important for us to recognise that peace is not a given; it is built upon day by day. Europe is not easy. The reason I sometimes sit alone is because I get on well with myself. As is the case in any room, including this Chamber, there are often very frustrated debate and conversations. People need a bit of downtime, it is to be hoped without a phone, to try to distil the many challenges we face. We need to realise that if those of us who are privileged to be in chambers like the Seanad cannot work and find solutions together, the alternative can be pretty ugly. We do not want to go back to the past where there was a realisation that peace matters and we build it by working together across all of the policy areas. That is absolutely vital.

I thank Senator Doherty and other Senators for their kind remarks. I regard my job as an honour but one which carries huge responsibility. I am the only Irish person in a college of 27 but I am more than just the Irish person. I represent the European agenda and approach, and we work as a college.

I thank Senator Byrne for his work on the digital euro because he brought this conversation to Ireland. We need more of it. We are trying to make sure that the euro is fit for the future. I am not sure if many Senators have cash in their pocket or use cards. As the Commissioner for financial services, I want to insist that people have the choice and the euro is fit for the digital area if and when cash is less used. It is a complex topic and the Houses of the Oireachtas need to debate all of those topics so that people are with us.

I salute the comments of Senators around Ukraine. I spoke briefly to the Ukrainian ambassador this morning. Your heart would go out to Ukrainians for what they are going through. It is also the reality of life that other stories take over. We cannot forget what is happening in Ukraine, how close the country is to our borders and how we have shown solidarity, which is the right thing to do. It is no less than what we could do.

On the issue of investment, we have the corporate sustainability report and directive. I do not underestimate the challenge for companies, particularly smaller companies. We are insisting it is mandatory for larger companies but smaller companies will have a less onerous standard with which to comply. The direction of travel is very clear.

When I studied accounting and finance, it was about return on investment and figures. It was about adding up, multiplying and percentages. Today and in the future, we will make judgments about companies not just based on return on investment but also their action on sustainability. Investors will want to invest in future-proofed areas so that their money is not wasted, as was mentioned. In order for us to have that information, we need companies to start reporting. It is a big change and challenge but it is the only way forward.

On the challenges in terms of the wider environmental climate, one would be very heartened in schools because they are doing it. The young in schools, helped by the teachers who lead them and principals who encourage them, will educate parents and grandparents in the ways of the future. That gives me the greatest hope. Senator Clonan said we live between hope and fear. As I looked at the tiny beautiful faces of children yesterday in school, I hoped they will have hope rather than face fear. Their future depends on all of us.

Despite our disagreements, whatever they are, we have to work to get over them in order to build a society not just in Ireland, but right across Europe, that values human beings for what they are, invests in a way which makes us all more comfortable because we are not destroying the environment and where there will be really good jobs. We should not underestimate the challenge of the transition. I thank the House for the opportunity for this debate.