Sinéad Gibney (Dublin Rathdown, Social Democrats)
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612. To ask the Minister for Finance his Department's position regarding Ireland being 14th globally in terms of fossil fuel investment by manager location, alongside economies that have substantial fossil fuel industries; and if he will make a statement on the matter. [43756/25]

Sinéad Gibney (Dublin Rathdown, Social Democrats)
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718. To ask the Minister for Finance Ireland's official position on the International Court of Justice's ruling on climate change, calling it an "urgent and existential threat”; and his position on Ireland being the 14th globally in terms of fossil fuel investment by manager location, alongside economies that have substantial fossil fuel industries; and if he will make a statement on the matter. [43752/25]

Sinéad Gibney (Dublin Rathdown, Social Democrats)
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719. To ask the Minister for Finance given the International Court of Justice's ruling on climate change, calling it an "urgent and existential threat", the proactive steps the Government will take to stop fossil fuel investment being channelled through Ireland, specifically to stop Irish-based subsidiaries from fossil fuel investments; and if he will make a statement on the matter. [43754/25]

Sinéad Gibney (Dublin Rathdown, Social Democrats)
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768. To ask the Minister for Finance his Department’s position on the recent comments by a person (details supplied) in the context of the Irish economy’s reliance on fossil fuel investments, infrastructure, and use; and if he will make a statement on the matter. [44264/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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I propose to take Questions Nos. 612, 718, 719 and 768 together.

The Deputy refers to the advisory opinion issued by the International Court of Justice on 23 July 2025, as well as a statement from UN Secretary General Antonio Guterres concerning climate change. Ireland was proud to support the call for this advisory opinion at the UN General Assembly in 2023, along with many other States. While ICJ advisory opinions are not binding in and of themselves, they represent authoritative statements of applicable international law. While I welcome the Court’s engagement with this important issue, the advisory opinion is wide-ranging and will require detailed consideration by the relevant authorities and the Government. That consideration will take some time to complete. Ireland takes its obligations in respect of climate change seriously, at international, EU and domestic levels.

As set out in the Programme for Government, Government is committed to take action to reduce reliance on fossil fuels, to achieve a 51% reduction in emissions from 2018 to 2030 and to reach net-zero emissions no later than 2050. The economic benefits of the transition to a low carbon economy are recognised and are being acted upon and we are committed to ensuring Ireland’s economic future in a low-carbon world. Despite Ireland’s strong economic performance and exceptional population growth, greenhouse gas emissions are falling here, which shows a decoupling of emissions from economic activity. However, it is clear that increased and accelerated action is needed to secure the objective of decarbonising our economy.

In particular, we are committed to accelerating the renewables-led energy transformation. This work is ongoing with renewables now becoming the backbone of our power mix - electricity generation from renewables has increased fivefold since 2005. This is backed with substantial investment by the State which will strengthen the electricity network for renewables and electrification.

Notwithstanding these efforts, the Irish economy at present remains reliant on fossil fuels for the majority of its energy inputs – so economic activity in Ireland at present involves fossil fuel consumption.

In relation to questions raised concerning financial institutions and climate change, and investment in fossil fuel companies, for context, let me point out that addressing climate risks and supporting the transition to a carbon-neutral economy is a key part of the current strategy of the Central Bank of Ireland. The Central Bank is working on embedding climate risk and sustainable finance considerations into its day-to-day activities.

As a major funds jurisdiction, recent Central Bank figures show that approximately €1.9 trillion of funds authorised in Ireland are made up of investments promoting a sustainable objective (Article 8 SFDR) or with a sustainable objective (Article 9 SFDR) and this is approximately 37% of the total authorised Irish funds.

The Central Bank has issued Guidance for (Re)insurance Undertakings on Climate Change Risk which provides expectations with regard to how firms consider climate change risks within their business.

For the banking sector, the European Banking Authority (EBA) recently published Guidelines on the Management of ESG risks. The Guidelines set out requirements for banks for the identification, measurement, management and monitoring of ESG risks, including through plans aimed at ensuring their resilience in the short, medium and long term.

It should also be noted that both the EBA and the European Insurance and Occupational Pensions Authority (EIOPA) have been mandated by the European Commission to consider in respect capital requirement for banks and insurers, the need for a “green supporting factor” for exposures to green/sustainable economic activities or “brown penalising factor” for exposures to unsustainable activities such as fossil fuel activities.

The Central Bank has underlined the importance of transition planning for the financial sector and published an Information Note on this important issue recently.

Finally, it is important to note that while the EU and Ireland are on a path to net zero emission by 2050, at present our economies remain dependent on carbon emitting fuels.