Sir , – Fine Gael’s argument against the draft fossil fuel divestment Bill at committee stage seems illogical and misses the point of divestment.
The draft Bill prevents the Ireland Strategic Investment Fund investing in fossil fuels companies directly or indirectly within the next five years. While it would be only a small amount of divestment, relative to the global investment value in these companies, it is being watched over by many around the planet, as Ireland would be the first country in the world to do this. Its enactment would send a strong message globally that Ireland can be a leader in tackling climate change. More importantly, it would send a clear signal that capital should be shifting more swiftly from fossil fuels to renewable energy if we are to have any chance of preventing runaway climate change.
Fine Gael, on the other hand, thinks that these strong messages are not the right way to go as they may have “unintended consequences” for Irish companies and on Ireland’s energy security.
However, proposers of the Bill are willing to ensure a just transition is allowed for. Surely Ireland relying less on imported energy by investing more in renewables can only be good for our energy security?
Maybe more thought needs to be given to the “unintended consequences” caused by governments and institutions not reducing the incredible power being held by fossil fuel companies, ie too slow a transition to renewable energy technologies, leading to runaway climate change and the devastating effects it will have on the planet. Humanity can no longer claim that these consequences are innocently “unintended”, given the knowledge we have on climate change. It is time for Ireland to take responsibility for the global consequences of its actions, and inactions, and where its best intentions should lie. – Yours, etc,
ANTÓIN McDERMOTT,
Maynooth,
Co Kildare.