Speaking on the Fossil Fuel Divestment Bill in the Dáil Spokesperson on Climate Action and Environment Brian Stanley TD said "fossil fuels are yesterday's fuels".
He said: "The Ireland Strategic Investment Fund hold over €7bn in assets and cash on behalf of the Irish people to be invested for the Irish people.
"It is Sinn Fein's view of that the State should invest in a sensible, morally ethical and economically prudent way. That approach means we believe human rights considerations should always be incorporated into investment decision.
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"Poor long term planning and decision making based on short term political gains by successive governments have left Ireland trailing on renewable energy provision and left us with an environmentally unsustainable economy. However, the future economic or energy security of Ireland cannot be dependent on fossil fuels.
"Economically fossil fuels represent less and less of a sound investment. It is widely acknowledged among the scientific community that in order to avoid a catastrophic rise in global temperature above 2°C then 80% of all known fossil fuel reserves must remain in the ground. The ISIF currently has more than €100 million invested in the fossil fuel industry. This is public money which is invested against the public interest.
"Investment and development in our native renewable resources is necessary to secure Ireland’s energy needs into the future."
(CD/MH)
