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A COMMITTEE OF TDs and senators has advised the government that a new automatic-enrolment pension system should not allow funds to invest in fossil fuels.
The Oireachtas Committee on Social Protection has published a report scrutinising Government plans to develop an auto-enrolment scheme for pensions that would apply to around 750,000 workers between the ages of 23 and 60 who are employed but not signed up to an occupational pension scheme.
The current plan for the scheme is that employees’ contributions to their pension would be matched by their employer as a percentage of the employee’s gross income, which would then be topped up again by the State. Workers would have the choice to opt out of the scheme.
Among the committee’s 21 recommendations for the government are that investment funds in the scheme should not be allowed to invest in fossil fuels and that a minimum percentage of the funds should be invested in renewable energy development.
“The committee recommends that the investment funds be prohibited from investing in fossil fuels or the arms industry,” the report states.
“The committee recommends that a minimum percentage of the funds should be invested in Irish renewable energy developments in order to ensure our Climate Action obligations. As with without achieving these, the future of all pension funds will be at risk from climate change.”
The committee also advised “that investment ‘good practice’ should include consideration of sustainability and environmental, social and governance factors and this should be explicitly stated in the Bill”.
Back in 2019, one goal in the Climate Action Plan at the time was to consider how a new requirement could be placed on pension providers to give savers more information on whether their money was invested in fossil fuels and options for alternatives.
However, a working group tasked with examining the action concluded it should be considered in “broader terms” than a “strict requirement” on pension providers, and the proposal was not progressed further in subsequent climate action plans, a Noteworthy investigation found.
Humans’ use of fossil fuels is a primary driver of greenhouse gas emissions, which are trapping heat in the atmosphere and causing average global temperatures to rise.
With that comes disruptions to climate systems that are already impacting humans and nature and which are expected to grow significantly worse unless the world substantially reduces its greenhouse gas emissions.
Diverting finance away from fossil fuel companies – a strategy known as divesting – is seen as one way of dis-empowering those companies and encouraging the industry to turn instead to renewable energy development.
Speaking to The Journal, Green Party TD Marc Ó Cathasaigh, a member of the committee behind the report, said it is important that where money is allocated has “values” behind it.
“When you set up auto-enrolment, you’re going to be putting a lot of Irish taxpayers’ money to one side. There’s values that should be attached to that, that how you invest your money isn’t valueless,” Ó Cathasaigh said.
“If we’re doing that, we should make sure that the values that are expressed through how that money is invested match the Irish state.”
On whether the recommendations are likely to be adopted in the final legislation, the TD said it is “difficult to say”.
“We had two engagements with officials in the Department of Social Protection in the course of the pre-legislative scrutiny and I thought they were really constructive,” he said.
“From here, the report goes to the minister [for social protection]. We have to see how many recommendations included in the report the minister is prepared to incorporate in the second stage. Then beyond that, if we feel they fall short in any of the recommendations, it will be open to us to put down committee stage amendments.
“I hope the minister will engage constructively with it.”
Dr Jane O’Hara of Divest Ireland, which is campaigning for fossil fuel divestment, told The Journal: “We’re very happy to see that those particular recommendations were included in the report.
“It was really good to see that not only do they want them not to invest in fossil fuels but they want some of that money, some of which will be public funds, to be invested in renewable energy. We think that that will help us get closer to our climate targets, so we really support that,” O’Hara said.
“They still need to go further to actually be legislated for. We would want to focus our campaign now on making sure that the Department of Social Protection implements those recommendations and that they understand how important people really think that they are.”
She said that a fossil-fuel free pension as a default option under the scheme would allow people to invest ethically without needing to spend a significant amount of time on researching a multitude of choices.
“Most people probably would go for the default option and probably wouldn’t have the time or perhaps the financial literacy to get into all the different options, so we would support the idea that at least the default fund, but if possible all the funds, would not be allowed invest in fossil fuels,” she said.
“If you look at it from the point of view of where your money is invested, if it’s invested in fossil fuels, then not only are the fossil fuel companies profiting from your money, but it also means you’re profiting from the destruction of the planet.
“It’s very important to know where your money is going.
“We would like people to be able to have these conversations with their pension providers but we know sometimes those are difficult and the information that is provided isn’t very transparent or it isn’t accessible, so we think if people are going to be automatically enrolled in a pension fund, it should be made possible to have the option to not invest in fossil fuels, or for that to be the default option.”
Later today, Cabinet ministers will hear a progress report for the first quarter of the Climate Action Plan 2023. The Department of Taoiseach report will say that 27 of the 36 actions scheduled for delivery were completed on time. The remaining nine actions will be added to the quarter two action list as Ireland continues to play catch-up on climate action.
Ministers will be told that the Department of the Environment, Climate and Communications, which had the greatest number of actions, had a delivery rate of 71%. The Department of Agriculture, which the second highest number of actions, had a delivery rate of 91%.
Cabinet will hear that one of the largest actions was the launch of the €1.5 billion Agri-Climate Rural Environment Scheme (ACRES) which aims to improve biodiversity, climate, air and water quality and that in the first quarter, there were over 46,000 applications to the scheme which accounts for a third of the 135,000 farms in the country.
The first Electric Vehicles (EVs) charging infrastructure strategy will also be mentioned, with a 31% increase in sustainable travel rates observed in the first three months of the year, while electric vehicles accounted for 24% of all new cars sold – surpassing diesel sales for the first time – and bringing the total number of EVs on Irish roads to just under 85,000.
In electricity, just under 35% was produced from renewable sources in 2022 and Ireland met half of its 2030 onshore wind target.
I think there might be more than a grain of truth in what he says…maybe!
Not really – I would prefer to watch an Irish chat show and just be entertained. I can do that with ease on ITV or BBC; RTE on the other hand is cringe worthy exactly because it pretends to be liberal, and even equal but is too far up the ars3 of conservative, catholic Ireland to escape this. Point in case: Brendan O’Connor and his “apologies”.
“[W]hat it comes down to is there is a set of prescribed opinions and if you don’t have them you are wrong”.
This is why he is so substandard. A cliche for every occasion. Even Junior Cert media studies acknowledges the role played by the media in supporting the status quo. It is there exactly for the purpose of pushing prescribed opinion and not challenging it. That is why O@connor has the jobhe has. It is precisely whathe does himself. The cliche above is evidence of the very thing he is supposedly attacking.
I agree with him 100%, where can we see more of this you go getter?
In his defence he has improved drastically over the years. He was far more at ease on with guests on his chat show than Tubridy ever will be. And he has a point about the twitter outrage thought police
It’s not like he could have gotten any worse.
His only place is on the likes of “don’t feed the gondolas” which found him some kind of fame in Ireland. The better ones among those guests had to leave to go to England where they’ve been very successful. O Connor is nothing but a FG apologist who married into the right family and has been shunted up the line ever since. If he’s all that entertaining then why is he not presenting some top shows or filling Vicar st. for 20 nights a year like the other guys that were on the panel with him all those years ago. He’s a Letterman wannabe at best and once RTE finally drop him completely he’ll be back to his one column a week in the rag that is the Indo.
Remember his interview with Pussy Riot. Absolutely cringeworthy.
Only in Ireland would a guy like O’Connor be a presenter for as long as he was
In fairness, a media “that is completely out of touch with most of its audience” does describe the situation in Ireland.
I cannot believe that I find myself in complete agreement with him.
Or is just Catholic Ireland have lost their choke hold on the media and they are throwing tantrums now ? You can’t claim that mainstream Irish media wasn’t basically a presented a one sided view of the world for several decades ?
RTE is very politically correct. Only certain liberal viewpoints are allowed
They follow the lead of big sister the BBC
Irish times is similar follow the lead of big sister The Guardian
Especially if you are married to one of the daughters of its directors.
Every time I visit the toilet to relieve myself I think of Brendan O Connor.
Cock, so you think of a man when doing that to yourself? Fair enough.
What’s wrong with thinking of a man Gary? I think I know how you voted in the previous referendum.
Have to agree with him as well. Social media, whilst in some ways allows debate, in many other ways is used as a tool to stifle debate. You see it here all the time. It can act as a conduit for very extreme views where you end up with people with polarised opinions simply name calling or the dominance of one group over another. For example, articles on divisive issues such as immigration, abortion, assisted suicide etc can get overwhelmed by a minority of people – often with multiple accounts – and bots from certain organisations with extreme views. Not only does this give the impression that there is a significant number of people who hold these extreme views, but also stymies debate of serious issues. If you try to put a rational counterargument your labelled a racist of a looney left liberal, for instance.
Social media can also lead to completely unwarranted trial by media. The incident in Primark where a woman went onto facebook to tell the world that the security guard had dragged her baby off her for breastfeeding. There was a mad frenzy which undoubtedly did damage to Primark, but it was completely fabricated. I also noticed a post on facebook from red fm today where a woman had phoned in to say she had seen a crying baby left in a car while the mother went shopping. Extremely strong comments were expressed and the woman vilified even though the accusation was unsubstantiated. But yet, it’s on facebook, so we have to come out in our droves to be appalled
I don’t know Anne, most of these open-border extremist types who want unlimited immigration into Ireland from the whole world and go around calling anyone who disagrees racists are usually downvoted here and explained to rationally and clearly by normal people why their desires are not practical so if they are using bot accounts, it isn’t working out for them at the moment.
Two cork men on the radio complaining about cranks in d’medja; irony overload!
I reckon the value of O’Conner as a TV presenter will out itself when the ratings for Ray D’Arcy’s new show begin to plateau. Imo, the principles for being a media interviewer are to research thoroughly the subject, bring no personal agenda to the conversation and take a ‘devil’s advocate’ type stance to follow up questions.
Going on a raft of ‘interviews’ that D’arcy has presided over in the past, my view is that he utterly fails to adhere to these three principles. Not to mention that he comes across as a sanctimonious oul whinge bag, in the process.
Despite your views on Brendan O’Connor.
Why would you take a person off air who is your best performing presenter by ratings,
Outperforming traditional conservative types.
I absolutely detest paying a license fee for a broadcaster who defends paying “contracted presenters” hundreds of thousands for fear they go somewhere else. “My Arse”
Stinks to high heaven
Much prefer my €160 to go to charity then Talk to Joe, Darcy or Tubridy and the likes.
The media is out of touch with traditional forms of media not new media. as much as I hate some of the rubbish on twitter there is a block button. The lack of impartiality in some traditional media is shocking but at the opposite of what Brendan is concerned about
The people*
Suppose you’d have us all read An Phoblacht, Kevin?
As someone who does not read an phoblacht, no. I’d recommend you diversify your influx of news so you get multiple opinions on both sides
O Connor is one of the most opinionated columnists in Ireland, yet he is angry at other columnists being opinionated
Firstly a lot of what George Hook says can be bizarre . I remember one match commentary when he went into a rambling rant about Charles De Guaille. I mean seriously wtf ? Secondly Brendan O Conneo is a gowl. I don’t see his talent for radio or television. The liberals never controlled any aspect of the media in Ireland for decades. It was all the religious holy joes. There wasn’t any room for so called liberals. The old school in RTE don’t like newer younger people coming along with their own ideas. Outside if the usual golden circle they are deemed radical now ? I think that there probably are many people with all different opinions in the media these days. George Hook has his show even o Connor has shows . Do they want to go back to the days with only one voice being heard ? Are the less liberal individuals afraid of being challenged on air? Can they not justify or hold their positions ?
Well said Catherine
Must’ve said that as he looked in the mirror, the corporate shill..
Shill, cos he has job with INM?
Shill, as in he sided with with his paymasters over enforced redundancies in RTE, while pretending to be anti-intellectual. Shill, as in his overwhelming one sided journalism in favour of ff, even when the country (and the Indo) turned it’s back on them.
Jeezeus Christ, with Hook and O’Connor the Newstalk studio must have looked like the set of “The Planet of the Apes”….!
Two talentless gasbags who only got their jobs through family and social contacts, nearly f**ked the radio out the window after leaving Newstalk on!
He is absolutely right. The Twitteratti fascists are a threat to free expression, and Una Mullaly is an idiot, typical brain dead leftie.
For the record,I don’t use twitter and I don’t like you either Brendan.Just feeling left out.
I’m pretty sure their boss mr.[redacted] has more sway over the media than any influence these lads fear
Everyone is telling everyone what to think, if that is their proof then those who get easily led are stupid, aren’t they?
If he wants people to change their views and opinions because they think the quality of Irish television is shíte he can go to hell……..
the man writes for the Spindo for Christ sake. and he was one of Bertie aherns biggest cheer leaders! glass houses and all that craic brendan!
Come ere Brendan, i didn’t watch your show because you were hmm i wont say crap but near enough, i personally am not of the same opinion as RTE but then its easy if you know someone in the Company yeah. Thats just my opinion
.
I’ve no idea what this entire piece is about. Are the “cranks” all the Irish Times comment writers?
Groups of people have Twitter accounts and these people work for companies who use them to have certain views and to promote certain views and thoughts. All the news stations now have the views of their governments, some even promote lies as news. The biggest lie in the news now in the west is Ukraine and how the ethnic cleansing is not being reported on from Kiev Nazi government…
basically what he’s saying is Irish people are a bunch of lazy sheep who sit around waiting for some faux outrage, drummed up by the media, to be drilled down their necks! then they have something to chat about with Mick down the boozer!
That’s exactly it Ranting Lunatic!
Brendan is a prolific journalist who surely has more to offer as a writer than as a presenter. Would be much better to hear his opinion on the homeless/financial/corruption crisis than on someone’s opinion of Mr Hook.
Is it just me or is he born to play Brendan Smyth in a document-drama?
Are Brendan O’Connor and George Hook to be taken seriously as social commentators?
Unlike BBC the people in RTE have “Dumbed Down” their shows and their presenters to suit a specific audience. Brendan was the first inline for a trial period and it hasn’t paid off. How he got a job in the press is exactly the same criteria. Some of the people in the media are so smug and full of themselves it is sickening, especially certain people in the state broadcaster who think they are the only ones with the correct opinions. It’s an institution that needs to change as it is too incestious and breads a certain type of smugness.
Says the biggest crank of all time!
“Brendan O’Connor thinks”…really,,I’d never have guessed!
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