Eoin Ó Broin
Ceist:134. Deputy Eoin Ó Broin asked the Minister for Finance the status of the progress of the Fossil Fuel Divestment Act 2018; and if he will make a statement on the matter. [10697/19]
Amharc ar fhreagraTuesday, 5 March 2019
Ceisteanna (134)
Freagraí scríofa
The Fossil Fuel Divestment Act, 2018 was signed into law by the President on 17 December 2018. It became effective immediately, once enacted and prohibited the ISIF from having direct investment in any company that generates greater than 20% of its revenues from the exploration, extraction or refinement of Fossil Fuels (e.g. oil, natural gas, peat, coal or any derivative thereof intended for use in the production of energy by combustion). In the case of pooled investment vehicles, exposure to such undertakings should be 15% or less.
Within weeks of the Fossil Fuel Divestment Act being signed into law, the ISIF advised me that it had divested from all required companies within the meaning of the Act – a total €72 million of equity and debt exposures - and the ISIF has developed a wider “Fossil Fuel List” of 148 companies in which it will not invest.