I am sorry; I must have skipped something.

We know this is Private Members' legislation and that, by its nature, it is going to be slow. It is quite early in the process, whereas this legislation is moving ahead apace, so it is important we get it right. The idea is that we would wait until after that legislation has been on its full journey before determining whether we want to have measures in terms of divestment. That is Private Members' legislation, which will have its consideration and has its suggested mechanisms, which are different, by the way, from…

First, I will continue with my response. I thank the Chair.

I would like to continue.

Sure. With regard to references to our past debates, I am bringing a new urgency. I have been talking about the occupied territories Bill for many years, but right now I believe this is urgent. It is urgent to ensure we do not have the kind of investment in question. What the Minister of State said raises two further areas of concern. He mentioned that a future Government might have a different strategy. That is why we need to be really clear. It is simply not enough for a current Minister to be considering mechani…

I do not accept the two arguments relating to future discretion. It is simply not enough to say that the NTMA has offered clear guidance because the decisions made by the NTMA - which it was very comfortable with until it was eventually directed or encouraged otherwise by a Minister - allowed for the State to invest money in illegally occupied territories. We cannot say it will not happen because it has happened. We cannot be sure it will not happen again because we do not have concrete legal mechanisms to stop it …

I will withdraw it and reserve the right to reintroduce it on Report Stage.

I move amendment No. 7: In page 12, line 30, to delete "commercial" and substitute "financially, socially and environmentally sustainable". Section 15(1) states: The Agency shall hold or invest the assets of the ICN Fund on a commercial basis for the benefit of the ICN Fund, so as to seek to secure the optimal total financial return, as to both capital and income. This amendment would amend the provision by inserting a requirement that the agency shall hold or invest the assets of the ICN fund on a "financially, so…

My amendment states: “financially, socially and environmentally sustainable”. Perhaps if I had said “financially, environmentally and socially beneficial” or “the maximum financial, social and environmental return”, it may have contacted the sense of expansiveness the Minister of State is hoping for with the fund. I genuinely believe it is poor economics for the State as an actor to constantly look at how we make and spend money as though they are completely separate. We should join up how we think about both of th…

I move amendment No. 8: In page 13, line 4, to delete “held or”. I will withdraw my amendment and reserve the right to resubmit it on Report Stage.

I move amendment No. 9: In page 13, between lines 28 and 29, to insert the following: “(3) In developing the investment strategy for the ICN Fund, the Agency shall act in a manner consistent with obligations under— (a) the Cluster Munitions and Anti-Personnel Mines Act 2008, and (b) the Fossil Fuel Divestment Act 2018.”.

I move amendment No. 10: In page 13, between lines 28 and 29, to insert the following: “(3) In developing the investment strategy for the ICN Fund, the Agency shall ensure that such a strategy prevents the investment of public monies into undertakings operating within occupied territories.”.

I move amendment No. 11: In page 13, between lines 31 and 32, to insert the following: “(4) The Agency shall, in determining and reviewing the ICN Fund investment strategy, consult with the Joint Oireachtas Committee on Finance, Public Expenditure and Reform and Taoiseach and the Joint Oireachtas Committee on Environment and Climate Action.”. Amendment No. 11 seeks to insert a new subsection into section 16 to require that the agency shall in determining and reviewing the ICN fund investment strategy consult with t…

I move amendment No. 12: In page 15, between lines 32 and 33, to insert the following: “(6) For the avoidance of doubt, the Minister may not make a proposal for the purpose specified in section 14(2)(a) in respect of the ICN Fund where such funds would be utilised to provide financial relief to companies with an annual turnover of over €1 million.”. The amendment seeks to insert a new subsection into section 19. Section 14(2) provides that the ICN fund can be used where the Minister deems there is a significant eco…

I accept there may be difficulties with regard to where the Exchequer may spend it. I indicate my intention to come back with this amendment on Report Stage. There can be criteria around the circumstances under which we allow money to be redirected from these funds and we may look again at those criteria. In the case of a simple deterioration in the economic or fiscal position of the State, I believe there needs to be some mechanism which allows there to be a judgment call whereby the redirection of these funds sho…

I move amendment No. 13: In page 15, line 40, after “State” to insert “or internationally”. I do not believe the amendment is worded correctly and I am not happy with my own wording of it. Effectively, what I wanted to indicate was that the important thing when we think about greenhouse gas emissions is that we think about reducing them internationally and collectively. The greenhouse effect is around the whole planet and carbon emissions are, effectively, a global concern. I wanted to ensure we did not have a situ…

I thank the Minister of State. It is great to have a detailed response on the sustainable development goals. We rarely see detailed commentary on the latter. Regarding just transition and climate justice, this is not the only measure but it is probably one of the best-funded measures. In that context, I will press the amendments. That is not to say that all the money needs to be redirected. However, I feel that when money is being directed towards climate purposes, it should be checked against these principles. I w…

I move amendment No 14: In page 16, between lines 12 and 13, to insert the following: “(f) the implementation of policies which will facilitate a just transition for workers and communities,”.

I move amendment No 15: In page 16, between lines 12 and 13, to insert the following: “(f) the implementation of policies which further the principles of climate justice,”.

I move amendment No 16: In page 16, between lines 15 and 16, to insert the following: “(g) the implementation and achievement of the United Nations Sustainable Development Goals and associated targets and indicators,”.