03/09/20

IRELAND: Bank launches green bond framework.

As published on businessworld.ie, Thursday 3 September, 2020.

Bank of Ireland has today launched a framework that will enable the Bank to issue Green Bonds and finance additional projects across renewable energy, green buildings and clean transportation.

This follows the launch of the Bank’s Sustainable Finance Fund last year, which has provided close to €600 million to date in green loans to home owners and businesses.

Bank of Ireland has also reduced the carbon intensity within its own operations by 40% since 2011. The improvement in the Bank’s Responsible and Sustainable Business profile has been recognised by an enhanced rating from Sustainalytics, a global leader in sustainability advisory and ESG ratings.

Bank of Ireland became a signatory to the UN Principles for Responsible Banking in 2019 and a supporter of the Task Force on Climate-related Finance Disclosures (TCFD) in 2020. The recently-agreed Programme for Government sets out ambitious targets for Ireland to halve carbon emissions over the course of the next decade.

Commenting on the initiative, Chief Strategy Officer at Bank of Ireland, Mark Spain said, "Today is another significant step on the Bank’s sustainability journey, with the launch of our Green Bond Framework. Our ambition is to be the National Champion Bank in Ireland, and conducting our business in a responsible and sustainable way is fundamental to our purpose of enabling our customers, colleagues and communities to thrive. Our commitment to supporting a low carbon economy requires funding and the Framework ultimately enables us to finance more projects that mitigate climate change by reducing carbon emissions."

He added, "We will continue to support more customers with their sustainability ambitions, reduce our own carbon footprint and make further progress on this critical agenda."