Bank of Ireland has launched a new framework that will enable it to issue Green Bonds and finance new projects across renewable energy, green buildings and clean transportation.
This follows the launch of the bank's Sustainable Finance Fund last year, which has already provided about €600m in green loans to home owners and businesses.
The bank's responsible and sustainable business initiatives include a €2 billion Sustainable Finance Fund.
This encourages and rewards energy-efficient homes, investment in older properties to improve sustainability performance, and SME and agri investment in energy efficiency.
It has also launched the country's first green mortgage interest rate, which sees borrowers get a discount off fixed rate interest options to finance the buying, construction, or renovation of residential buildings with an A-rated or to achieve an A-rated BER energy performance.
Bank of Ireland also now offers a green home improvement loan which funds energy efficient upgrades with borrowers offered loan a discounted rate for amounts from €2,000 to €65,000.
Meanwhile, its green business loan offers discounted finance to businesses who want to implement energy saving initiatives to reduce their energy costs and their carbon footprint.
Bank of Ireland also provides finance to renewable energy projects which has provided the equivalent of 468,000 homes with renewable generated electricity already.
The bank also said today it has reduced the carbon intensity within its own operations by 40% since 2011.
The improvement in its 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 last year and a supporter of the Task Force on Climate-related Finance Disclosures (TCFD) in 2020, increasing its efforts to help address climate risks.
Mark Spain, Chief Strategy Officer at Bank of Ireland, said today is another significant step on the bank's sustainability journey, with the launch of its Green Bond Framework.
"Conducting our business in a responsible and sustainable way is fundamental to our purpose of enabling our customers, colleagues and communities to thrive," Mr Spain said.
"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 said.
"We will continue to support more customers with their sustainability ambitions, reduce our own carbon footprint and make further progress on this critical agenda," he added.
