Bank of Ireland increases Sustainable Finance Fund to €5 Billion as it launches Responsible & Sustainable Business strategy

  • Sustainable Fund increased by €3bn to bring it to €5bn by 2024
  • Commitment to Net Zero operations by 2030 and set Science Based Targets across portfolios by the end of 2022
  • Increase the Financial Wellbeing of Bank of Ireland customers [to >70 by 2024, from 63 baseline score]
  • Increase the number of individuals from socially disadvantaged and diverse backgrounds that transition into the workforce

Bank of Ireland has today announced an increase in its Sustainable Finance Fund which will bring it to €5bn by 2024. This represents an increase of €3bn to its existing Fund. The fund covers Bank of Ireland’s green propositions, including mortgages, home improvement loans and business loans. The Bank incentivises customers through competitive rates to buy or build an energy efficient home or to retrofit their home or business to make it more energy efficient.

Bank of Ireland has also launched its Responsible & Sustainable Business strategy ‘Investing in Tomorrow’ confirming targets across the three core areas – investing in colleagues, enhancing customers’ financial wellbeing and supporting the green transition. Through the strategy, the Bank highlights the importance of financial services adopting a leadership role in Ireland’s transition towards a low carbon society and a more inclusive workplace and society.

Bank of Ireland’s commitments include:

  • Working with customers, colleagues and communities to support their transition to a resilient, net zero economy by 2050
  • Net zero Bank of Ireland operations by 2030
  • Enabling colleagues to develop, while building an inclusive workplace which is reflective of customers and society
  • Increase in colleague graduations for digital pathways from 10% (2020) to 40% by 2024 and the launch of external development supports in 2021
  • 50:50 gender balance in management and leadership appointments
  • Increase in representation of ethnic minority groups across all levels by 2024
  • Increase the Financial Wellbeing of Bank of Ireland customers to >70 by 2024, from 63 baseline score.

Mark Spain, Chief Strategy Officer, Bank of Ireland commented: “Our Responsible & Sustainable Business strategy was developed in 2020 as the pandemic crisis unfolded. Even in the midst of our crisis response, developing and embedding the strategy remained a central focus. ESG is no longer a programme, a special initiative, or a work stream – it permeates all parts of our thinking and planning for the future. It is now part of our DNA and is at the heart of planning how we emerge better and stronger from this pandemic.

“The European Green Deal is at the heart of the EU’s recovery plans from the pandemic, with a significant proportion of the budget dedicated to efforts to cut carbon emissions. Finance will increasingly flow to those businesses that are meeting environmental and societal needs, and banks have a unique role to play helping to bridge that gap between finance and sustainability. The extension of our sustainable finance fund demonstrates our commitment to supporting real change for our customers and society.

“Our Responsible & Sustainable Business strategy doesn’t just focus on the green agenda, we are also committed to improving the Financial Wellbeing of our customers and building an inclusive workplace reflective of customers and society. Through this strategy and the actions we are taking we are playing our part in developing a more sustainable world.”

To view Bank of Irelands Responsible & Sustainable Business Strategy click: ‘Investing in Tomorrow’