Thomas Pringle (Donegal, Independent)
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37. To ask the Minister for Finance the way he is responding to the commitment, taking into account the Paris Agreement which commits the states to making finance flows consistent with a pathway towards low emissions and climate resilient development; if he will consult with the Minister for Communications, Climate Action and Environment in the upcoming review of the investment strategy of the Irish Strategic Investment Fund in this context; and if he will make a statement on the matter. [27545/16]

Michael Noonan (Limerick City, Fine Gael)
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My Department is participating, in accordance with its functions, in a whole-of-Government approach led by the Minister for Communications, Climate Action and Environment, to develop and articulate Ireland's policy position under the United Nations Framework Convention on Climate Change. This includes implementation of the Paris agreement. Article 2 of the Agreement includes a broad commitment to make finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development. Parties to the agreement will be expected to collectively develop a series of measures to meet this objective. The Paris Agreement itself, was signed by the EU and all its Member States, including Ireland, in April this year but has yet to come into force.

In relation to the ISIF investment strategy, the National Treasury Management Agency (Amendment) Act 2014, which established ISIF on a statutory basis, provides that ISIF shall review its investment strategy after 18 months of operation. The Act provides that, in reviewing its investment strategy, ISIF shall consult with the Minister for Finance and the Minister for Public Expenditure and Reform. The Act also provides that the Minister for Finance may consult with other Government Ministers, including the Minister for Communications, Climate Action and Energy, as appropriate.

The ISIF investment strategy states that ISIF's energy allocation will include a significant element of renewables investment. In that light, ISIF has been seeking investments that are consistent with broader Government policy and, in particular, with the theme of decarbonisation. ISIF has a close working relationship with the Department of Communications, Climate Action & Environment and is committed to investing in the energy sector in a manner that is consistent with the State's commitment to make the transition to a low carbon, climate resilient and sustainable economy.