Bank of Ireland raises €750 million for sustainable funding in Green Bond issuance
Bank of Ireland has raised €750 million to fund sustainable projects through its inaugural Green Bond issuance in a transaction which was three times oversubscribed. The funding will support projects across green buildings & energy efficiency, renewable energy and clean transportation, a key objective of the Bank’s new Responsible and Sustainable Business strategy, “Investing in Tomorrow”, launched this week.
To support the green transition, Bank of Ireland has committed to working with customers, colleagues and communities to support their transition to a resilient, net zero economy by 2050, in line with the Irish and UK governments’ ambition and actions. As well as providing sustainable finance, the Bank will achieve this by setting science based targets across its portfolios by the end of 2022 and making its own operations Net Zero by 2030.
Bank of Ireland already has a €2bn Sustainable Finance Fund, with €950m of green loans allocated to home owners and businesses to date. The Group has also reduced the carbon intensity within its own operations by 77% since 2011 across Scope 1 and 2 emissions.
Commenting Mark Spain, Chief Strategy Officer, Bank of Ireland said: “Today is another important milestone on our sustainability journey, with the successful issuance of our inaugural Green Bond. We have made significant progress to date in supporting green loans and mortgages for customers across Ireland and in transforming our own operations and reducing our carbon footprint. The funding raised today enables us to finance even more projects for customers that support their transition to a lower carbon economy. Our new Responsible and Sustainable Business Strategy launched this week comprises of three pillars – enabling colleagues to thrive, enhancing financial wellbeing and supporting the green transition. We will continue to focus on these important objectives, support more customers with their sustainability ambitions and reduce our own carbon footprint.”