Thomas Pringle TD
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Pringle warns Government against ‘retrograde step’ in climate action directive

Pringle warns Government against ‘retrograde step’ in climate action directive

Independent TD for Donegal, Thomas Pringle, has asked whether Ireland is seeking exemptions for financial asset managers and institutional investors from a new European climate action directive.

Addressing the Tánaiste in the Dáil recently, Deputy Pringle said: “It has been reported that your government is one of the leading voices looking to exempt financial asset managers and institutional investors from the scope of the Corporate Sustainability Due Diligence Directive being discussed by the EU.

“This is highly significant because financial institutions’ asset and institutional investments have some of the highest greenhouse gas emissions in the world,” the deputy said.

The Corporate Sustainability Due Diligence Directive is intended to foster sustainable and responsible corporate behaviour across the full range of activities involved in bringing a product to market.

Deputy Pringle raised the issue in the Dáil last Thursday during questions on policy or legislation.

Deputy Pringle said: “If the reports are true, this would be a retrograde step by the Irish government in a week when Irish ministers are at COP 27 signalling their support for climate action and tackling greenhouse gas emissions in the face of a global crisis.

“So my question is, Tánaiste: Is the Irish government seeking to exclude financial asset managers and institutional investors from the scope of the EU Corporate Sustainability Due Diligence Directive?”

In response, the Tánaiste, Leo Varadkar, said he was not fully up to date on that and will ask Minister Paschal Donohoe to respond to Deputy Pringle.

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