In the face of catastrophic levels of chaos, death and destruction caused by climate change there are uncomfortable truths for Ireland.
One reason Ireland is enabling fossil fuel and agribusiness investment is due to the fact we are heavily dependent on foreign direct investment. Our corporation tax regime helps multinational companies avoid tax in countries of the Global South by funnelling profits out and into low-tax Ireland, at a devastating price for the world’s poor. This is money that could be used on public services, or in financing climate transitions and adaptions in poor countries.
At a time of unprecedented climate breakdown, Government policies that facilitate the ongoing flow of money through the State to sustain and exacerbate the climate crisis must be questioned. Are these policies fundamentally at odds with Ireland’s obligations to reduce global emissions under the Paris Climate Agreement?
While ground-breaking at the time, in 2023 serious limitations are evident in the Act. It is principally concerned with fossil fuel exploration as opposed to all fossil fuel use, essentially allowing for investment in fossil fuel activities. In relation to fossil fuel exploration, the Act excludes “indirect” investments, exchange traded funds and hedge funds, undermining the spirit of the legislation.