Joan Collins (Dublin South Central, Independent)
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37. To ask the Minister for Communications, Energy and Natural Resources if his Department targeted universities and companies here to sign up to the global divestment movement. [31829/16]

Clare Daly (Dublin Fingal, Independent)
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39. To ask the Minister for Communications, Energy and Natural Resources the level of commitment his Department will make to fossil fuel divestment in line with Ireland's commitments to the Paris agreement. [31831/16]

Joan Collins (Dublin South Central, Independent)
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41. To ask the Minister for Communications, Energy and Natural Resources if he has reviewed State investment and supports to bring them into line with international climate and sustainable development obligations; and if he has set a timescale to begin mandating the Ireland Strategic Investment Fund to divert from fossil fuels, prohibit future investment in the industry and adopt a 100% renewable energy investment policy. [31827/16]

Denis Naughten (Roscommon-Galway, Independent)
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I propose to take Questions Nos. 37, 39 and 41 together.  

The global divestment movement refers to the removal of investment assets, such as bonds and investment funds, from companies associated with the extraction of fossil fuels. The policy of the global divestment movement is to address some of the root causes of climate change in this manner.

In an Irish context, the Ireland Strategic Investment Fund, which falls within the remit of my colleague the Minister for Finance, holds certain fossil fuel investments inherited from its predecessor, the National Pension Reserve Fund.

I am advised that these investments are in companies based outside Ireland and, as such, are held in ISIF's global portfolio. The global portfolio has been restructured and is being sold over time to fund Irish investment commitments as they arise, in keeping with ISIF's mandate to invest, on a commercial basis to support economic activity and employment, in Ireland.

ISIF's total equity holdings in the Energy sector are valued at €11 million (0.14% of ISIF's assets under management). ISIF has also invested in circa. €97 million of short term fixed income investments in energy corporations, representing just over 1% of ISIF's assets.

As part of its on-going commitment to operate to high international standards ISIF has recently published its Sustainability and Responsible Investment Policy which is available online at the Strategic Investment Fund website. The Policy emphasises climate change as part of the integration of Environmental, Social and Governance (ESG) considerations into its investment decision making which is in line with the Government's commitment to make the transition to a low carbon, climate resilient and sustainable economy, as reflected in the Climate Change and Low Carbon Development Act 2015 and the Paris Agreement.

I understand that many major funds internationally have made significant divestments from fossil fuels such as coal, while other such funds have adopted an approach of engagement with energy companies to establish their strategy and positioning for the transition to a low carbon economy.  I am also informed that ISIF, which as I have stated, falls within the remit of my colleague the Minister for Finance, continually reviews its investment strategy and, in this regard the issues of decarbonisation and Ireland's long term transition towards a low carbon economy are being considered.

My Department has not engaged in targeting specific universities or companies to sign up to the global divestment movement.