Fossil Fuel Divestment Bill 2016: Committee and Remaining Stages

I welcome the Minister of State, Deputy D'Arcy, to the House.

Last week in the Seanad, I indicated that the new provision inserted in the National Treasury Management Agency (Amendment) Act 2014 by the Fossil Fuel Divestment Bill 2016 would have to be commenced separately by a commencement order under the 2014 Act. I have been informed that, in fact, the obligations imposed by the Fossil Fuel Divestment Bill will come into effect immediately on enactment. I am happy to take this opportunity to correct the record and confirm that the Bill will have effect as soon as it is enacted.

I wanted that clarified so that is great.

Sections 1 and 2 agreed to.
Government amendment No. 1:
In page 3, to delete lines 5 to 9 and substitute the following:
"An Act to impose certain prohibitions and restrictions with respect to the investment by the National Treasury Management Agency of assets of the Ireland Strategic Investment Fund in fossil fuel undertakings and, in particular, to require that Agency to endeavour to ensure that such assets are not directly invested in such an undertaking (and, where it becomes aware that an undertaking in which such assets have been so invested by it is, or has become, a fossil fuel undertaking, to divest the assets of that fund from such investment); to make provision for a restriction on such investment when the investment is of an indirect nature (as defined hereafter); to provide for a certain exception to the prohibition on investment of assets of that fund in such an undertaking where the investment is consistent with the national transition objective (as defined hereafter), the implementation of the State’s climate change objectives and Government policy; for those purposes to amend the National Treasury Management Agency (Amendment) Act 2014; and to provide for related matters.".
Amendment agreed to.
Title, as amended, agreed to.
Bill reported with amendment, received for final consideration and passed.