(1)

(a) The Agency shall endeavour to ensure that the assets of a relevant Fund are not directly invested in a fossil fuel undertaking.

(b) Where the Agency becomes aware that an undertaking in which the assets of a relevant Fund are directly invested is, or becomes, a fossil fuel undertaking, the Agency shall divest the assets of the relevant Fund from such investment as soon as practicable.

(2) The Agency shall endeavour to ensure that the assets of a relevant Fund are not invested in an indirect investment, unless it is satisfied on reasonable grounds that such indirect investment is unlikely to have in excess of 15 per cent of its assets, or such lower percentage as the Minister may prescribe by order made under this section, invested in a fossil fuel undertaking.

(3) Notwithstanding subsections (1) and (2), the Agency may invest the assets of a relevant Fund in a fossil fuel undertaking or in a collective investment undertaking the assets of which are invested or will be invested in a fossil fuel undertaking, where the Agency has satisfied itself on reasonable grounds that the investment is intended to be consistent with -

(a) the achievement of the national climate objective,

(b) the implementation of the State's climate change obligations, and

(c) the policy of the Government, as may be communicated to the Agency from time to time by the Minister for the Environment, Climate and Communications, in relation to climate change and climate change objectives.