{"id":3335,"date":"2023-11-29T11:14:52","date_gmt":"2023-11-29T11:14:52","guid":{"rendered":"https:\/\/www.socialdemocrats.ie\/?p=3335"},"modified":"2023-11-29T11:14:52","modified_gmt":"2023-11-29T11:14:52","slug":"government-must-not-repeat-mistakes-of-the-past-with-climate-and-nature-fund","status":"publish","type":"post","link":"https:\/\/www.socialdemocrats.ie\/ga\/government-must-not-repeat-mistakes-of-the-past-with-climate-and-nature-fund\/","title":{"rendered":"Government must not repeat mistakes of the past with Climate and Nature Fund"},"content":{"rendered":"<p>The new \u20ac3.1 billion Climate and Nature Fund must not be allowed to facilitate fossil fuel related investments that are at odds with Government policy to reduce Ireland\u2019s greenhouse emissions, according to Social Democrats TD Jennifer Whitmore.<\/p>\n<p>Deputy Whitmore, who is the party\u2019s spokesperson on climate and biodiversity, said:<\/p>\n<p>\u201cThe 2018 Irish Fossil Fuel Divestment Act was hailed at the time as a ground-breaking piece of legislation which made Ireland a global pioneer in divesting public money from fossil fuel assets.<\/p>\n<p>\u201cHowever, with the world now in the grip of climate breakdown, the limitations of this Act have become increasingly apparent. Important amendments are required to include all fossil fuel use and the addition of agribusiness and agrichemical companies within its scope. The exclusion of hedge funds linked to fossil fuel exploration is another anomaly within the Act that needs to be resolved.<\/p>\n<p>\u201cResearch conducted by Action Aid revealed that in January of this year, Irish financial institutions held $US13.2 million in bonds and shares attributable to fossil fuels in the Global South. Of this, the State-run Ireland Strategic Investment Fund (ISIF) held $US11.2 million, mostly in bonds issued by a Chinese electric utility company.<\/p>\n<p>\u201cThe Government must not make the same mistakes again with the Climate and Nature Fund when it comes on stream in 2026.<\/p>\n<p>\u201cAs COP28 gets underway this week, there must be a greater focus on ensuring that Ireland\u2019s tax and regulatory regimes are fully consistent with our climate change ambitions.\u201d<\/p>\n<p><em>November 29, 2023<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The new \u20ac3.1 billion Climate and Nature Fund must not be allowed to facilitate fossil fuel related investments that are at odds with Government policy to reduce Ireland\u2019s greenhouse emissions, according to Social Democrats TD Jennifer Whitmore. Deputy Whitmore, who is the party\u2019s spokesperson on climate and biodiversity, said: \u201cThe 2018 Irish Fossil Fuel Divestment [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":2370,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[405,268,7],"tags":[],"class_list":["post-3335","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-climate","category-jennifer-whitmore","category-press-release"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Government must not repeat mistakes of the past with Climate and Nature Fund - Social Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.socialdemocrats.ie\/government-must-not-repeat-mistakes-of-the-past-with-climate-and-nature-fund\/\" \/>\n<meta property=\"og:locale\" content=\"ga_IE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government must not repeat mistakes of the past with Climate and Nature Fund - Social Democrats\" \/>\n<meta property=\"og:description\" content=\"The new \u20ac3.1 billion Climate and Nature Fund must not be allowed to facilitate fossil fuel related investments that are at odds with Government policy to reduce Ireland\u2019s greenhouse emissions, according to Social Democrats TD Jennifer Whitmore. 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