Wednesday, 24 February 2021

Questions (202)

Thomas Pringle

Question:

202. Deputy Thomas Pringle asked the Minister for Finance the outcome of the Ireland Strategic Investment Fund measuring of the carbon footprint of its investment portfolio as part of a wider approach to identify, manage and mitigate climate risk across its portfolio as reported in 2019; and if he will make a statement on the matter. [10086/21]

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Written answers (Question to Finance)

The NTMA has advised me that ISIF integrates a wide range of Environmental, Social and Governance (ESG) factors into its investment decisions across the whole of the Fund. Climate change is a critical issue for the Fund. It is embedded as one of ISIF’s five priority investment themes. ISIF envisages investing c. €300 to €500m in climate related projects over the coming years to enable and catalyse Ireland’s delivery on its 2030 targets, and the transition to Net Zero before 2050. To date, ISIF has committed over €365m to climate related projects.

Within its portfolio of investments ISIF is also supporting the transition to a carbon neutral economy by (i) collaborating with the Food and Agriculture sector as it seeks solutions to decarbonise the supply chain (ii) by making its first climate positive investments within its Global Portfolio and (iii) ensuring compliance with the requirements of the Fossil Fuel Divestment Act 2018.

In addition, as part of better understanding Climate Risk, the Fund has been measuring and monitoring a wide range of climate related metrics across both its Global and Irish portfolios for a number of years, including carbon foot printing where data is available.