Making Gender Equality a Reality

ActionAid Ireland is pleased to attend the ECOSOC Humanitarian Affairs Segment Side-Event; ‘Making Gender Equality a Reality: from standards to transformation’ in Geneva next week. The event is organised by the IASC Reference Group on Gender in Humanitarian Action, UN OCHA, UN Women, Irish Aid, and ActionAid.

The event will focus on the empowerment and protection of women and girls following a humanitarian disaster. Women and girls are particularly vulnerable in humanitarian situations and their needs are often overlooked. They are also essential contributors in emergency response, in many ways including their local knowledge and networks. The event will include contributions from local women leaders and first responders, which ActionAid Ireland welcomes.

Triona Pender, Head of Programme’s for ActionAid Ireland, will be attending the event. She said:

“I am pleased to see this event happening, as it brings the voices of women from developing countries and provides clear recommendations for how we can better address power imbalances in the humanitarian system. It would be great to see these recommendations being taken up at global meetings in the future. And of course, being matched with resources for women’s organisations that are responding on the ground.”

ActionAid Report

The event follows the recent publication of an ActionAid guidance report ‘Making the Local-Global,’ which calls for women leaders to be at the heart of humanitarian work.
This is because women are commonly the first responders in an emergency. And are most active in prevention and rebuilding after disasters. They should, therefore, be directly involved in shaping the programmes and policies that affect their lives, families, and communities.

Enabling local women’s leadership in humanitarian action also prevents costly mistakes that put women’s and girls’ directly in harm’s way. The humanitarian community can begin to rectify the injustices experienced by women in gender-blind humanitarian actions.

ActionAid has long advocated for women’s leadership of humanitarian interventions. Women’s actions and leadership too often go unrecognised by institutions of all kinds. They play minimal roles in coordination mechanisms set up to respond to emergencies, if they are even invited to take part.

You can read the full report here.

Photograph Credit: Dewi, one of several female medical volunteers, checks the blood pressure of Syamsul 75 who wasn’t able to walk following the 2018 earthquake and tsunami in Indonesia. Taken by: Andri Tambunan/ActionAid

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