Feminist Futures

On Tuesday 7 November we held Feminist Futures, an evening looking at solutions to the multiple crises that we face, in particular the climate crisis.  

The impact of the climate crisis on communities 

Farah Kabir, Director of ActionAid Bangladesh, gave a powerful testimony of the impact that climate change has on people living in poverty in Bangladesh. She described how, as far back as 2007, climate change was evident and impacting the most marginalised people. Weather incidents like cyclones, which used to occur every twenty years, now occur every year or so. Likewise, the country is hit by floods, drought and an over-salination of the water supply. As a result, people lack drinking water and can’t grow crops. When families are pushed further into poverty, girls can be forced into child marriage. Farah also described how the communities have been working on some of the solutions to the climate crisis for generations. She described how local farmers worked with nature, using practices such as composting and prioritising soil health. 

Why a feminist approach to the climate crisis 

Our panel, chaired by Syrian journalist Razan Ibraheem, went on to describe how women in particular are impacted by the climate crisis. 

Collette McEntee, Project Coordinator of ‘Feminist Communities for Climate Justice’, a joint project between the National Women’s Council and Community Work Ireland, discussed how women are under-represented in every decision-making space and the impact that this will have on climate change. Jessica Dunne, youth activist and Organiser with Young Friends of the Earth, said that most young people grow up believing that global institutions and those in charge are looking out for their best interests. But that in the face of climate inaction, young people have realised that global institutions aren’t fit for purpose.  

The panel also discussed why feminist solutions in particular are important. Farah stated that feminist principles of inclusion and justice are key. She talked about COP and that, while 60% of the negotiations are done by women, it is largely white men at the decision-making table. Collette discussed that when we reduce emissions, we need to reduce inequalities, not increase them. She said that a feminist approach is about tackling the systemic issues that lead to inequality.  

Solutions to the climate crisis 

Farah said that we need to now plan a pathway to phase out fossil fuels. We also need to invest in communities and listen to young people, women and indigenous groups. Climate change impacts everyone yet it doesn’t affect everyone equally. It is widely recognized that climate change disproportionately affects the most marginalised communities worldwide. She said that this is why we need their voices at the table. 

Jessica talked about prioritising the care of people rather than profit. She talked about the urgent need for a fossil fuel non-proliferation treaty so that fossil fuel phase-out happens. She also emphasised the need to set up a loss and damage fund for communities already facing the impact of the climate crisis. Meanwhile, Collette discussed the need to move away from growth as the only metric of success. She also said we need to move away from individualism and back into a collective, and the need for political will at all levels. In Ireland, she said we need to enact our climate action plan. We need to divest from fossil fuels. And we need to give more power to local authorities and communities and to establish a just transition commission. 

The panel closed by discussing the need for action at every level. For individuals to put pressure on the government and for climate action to be made a key issue for the next general election.  

Heading image: Razan Ibraheem and Farah Kabir.

Other image: The panel discussion at Feminist Futures

Protesters holding End Fossil Fuels banner at a climate demonstration, advocating for renewable energy solutions.

Protestors at COP 28 in Dubai. Photo: Konrad Skotnicki.

Climate protest with diverse crowd holding signs about environmental action in a city square.

Belfast Climate Change March, 2019. Photo: Trócaire.

The Profit Driving the Crisis

Despite their overwhelming contribution to global emissions, fossil fuel companies continue to attract significant financial backing—driven by their enduring profitability. This is starkly illustrated by the case of ExxonMobil, the top fossil fuel investment held by asset managers based in Ireland. In 2023, ExxonMobil reported €33.63 billion ($36 billion) in profit. That is almost twice the GDP of Botswana (€18.1 billion) and nearly three times Namibia’s GDP (€11.5 billion).

Ireland plays a hugely disproportionate role in facilitating investments into fossil fuel companies like ExxonMobil. In 2023, the investments made into fossil fuel companies by investment managers based in Ireland generated an estimated 72.5 million tons of CO2e. This is more than the CO2e emissions for the entire country of Ireland—and more than ten times that generated by Sierra Leone.

The Global Human Impact

The climate crisis is here, now, and it is causing disproportionate harm in the Global South. In Bangladesh, rising sea levels and increasingly severe cyclones are displacing coastal communities, with projections indicating that 17% of the entire country could be underwater by 2050. The legally binding Paris Agreement on climate change explicitly acknowledges the importance of tackling private finance. Its three overarching goals are: keeping below 1.5C of warming; increasing adaptation and making finance flows consistent with low emissions and resilience.

This gives a clear mandate for action:  both tax reform and corporate regulation are needed to tackle financial flows, and both nationally in Ireland and at EU level, ‘polluter pays’ taxes are lacking and regulation of the financial sector remains weak and fragmented. While EU regulation exists, it is designed more to nudge investors toward more sustainable investment practices by increasing transparency and reporting levels than to enforce strict standards. And it is moving in the wrong direction: the recently passed EU Corporate Sustainability Due Diligence Directive excluded investments; and now the EU Commission’s Omnibus legislative proposal threatens to undo the limited gains made on climate plans, as well as blocking future attempts for stronger action at national level.

The Risk of Inaction

Fossil fuel investment is too profitable to remain weakly regulated. If Ireland continues with its current strategy of encouraging FDI at all costs, and relying on weak EU regulation, we are headed for catastrophe. The Inter-governmental Panel on Climate Change has repeatedly warned that every fraction of a degree beyond 1.5°C brings irreversible consequences: collapsed ice sheets, vanishing coral reefs, and extreme weather events that will make vast regions of the planet uninhabitable. And yet, companies are developing oil and gas fields that could push global warming beyond 2°C.

Our research found that 91% of the investments made into fossil fuel companies by investment managers based in Ireland were to companies that have plans for fossil fuel expansion like these. Ireland cannot afford inaction on this issue.

About This Research

The figures in this report regarding investment from Ireland are based on new research commissioned by ActionAid Ireland and Trócaire. In the paper, we uncover the scale of fossil fuel investment through Ireland, who the investors are, and in which fossil fuel companies they are investing.  We analyse the current regulatory framework and explain why it is inadequate—and moving in the wrong direction. And we make specific recommendations for change, which are summarised below.

Summary of Recommendations

Regulate the private financial sector
Ireland must end its outsized role as an enabler of destructive fossil fuel investment. Ireland should introduce a strong gender-responsive national human rights and environmental due diligence framework which includes the regulation of investors with respect to human rights and the environment and climate. The transposition of the EU Corporate Sustainability Due Diligence Directive could achieve this if downstream activities are included and the Omnibus proposal is rejected. Ireland should prohibit investments in fossil fuel expansion and require investors to implement climate transition plans consistent with a 1.5°C climate limit.

Endorse the Fossil Fuel Non-Proliferation Treaty
Ireland should endorse developing a Fossil Fuel Non-Proliferation Treaty to curb fossil fuel expansion and commit to a fair and funded phase out of fossil fuels.

Support tax justice
Ireland should support bold and fair new global tax rules through the UN Framework Convention on Tax, should adopt all OECD BEPS measures, and should conduct an updated and comprehensive spillover analysis of its tax policy. Ireland should take coordinated action globally, at the EU level and domestically to introduce a range of new taxes to mobilise finance needed for climate justice, based on ‘polluter pays’ and social equity principles such as wealth taxes for the highest earners, climate damages tax on investors, fossil fuel production taxes and levies on aviation and shipping.

Finance a just transition
Ireland must also meet its fair share climate finance obligations under Article 9.1 of the Paris Agreement, and pay our ecological debt to the Global South. Ireland should support conditionality-free debt cancellation for countries on the front lines of the climate crisis, commit to a new UN Framework Convention on Sovereign Debt, moving debt negotiations from the IMF to the UN, and to a debt workout mechanism that is fully representative and fair.

Further reading