Ireland's tax system gives €5.7 billion in climate-harming investments

Ireland's tax system is enabling fossil fuel and agrifood financiers to funnel €5.7 billion to climate-harming investments in the Global South, according to a new report.

Banks worldwide have provided an estimated €3.3 trillion to the fossil fuel and industrial agriculture industries in the Global South, with devastating consequences.While in the Niger Delta, fossil fuel exploration is contaminating water and food.ActionAid says climate breakdown also left Malawi and Mozambique facing the terrifying effects of Cyclone Freddy.

ActionAid Ireland chief executive Karol Balfe, said: "At a time of unprecedented climate crisis, the world's banks and investment funds continue to invest staggering amounts into fossil fuels and environmentally harmful large-scale agribusiness in the Global South."Our research shows Ireland plays a role in this through our corporation tax regime which depends on foreign direct investment.

"The negative impact of Ireland’s corporation tax regime on the human rights and poverty levels of citizens of the Global South, and its lack of coherence with Irish Aid priorities, needs to be questioned." "The fact is that Irish investment managers over the last five years held billions in bonds and shares attributable to fossil fuels and agribusiness in the Global South.Subsidising 'what's destroying us' Former Irish president and Elders leader, Mary Robinson, branded the public funds paid to fossil fuel companies as "subsidies for what's destroying us" at Cop27 in Egypt.

The analysis looked at 21 fossil fuel companies and ranked them by their cumulative emissions between 1988 and 2022.

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