Bank of Ireland has published its 2030 greenhouse gas emission reduction targets which have been formally validated by the Science Based Targets initiative (SBTi).
The bank is the first Irish bank, and one of the first in Europe, to have its goals validated by the SBTi.
It said it will regularly and transparently report on progress towards its targets.
The SBTi has validated Bank of Ireland's target of a 49% reduction in greenhouse gas emissions from its own operations (Scope 1 and 2) by 2030, which it said supports its broader aim of net zero emissions by 2030.
Reduction targets have also been set for emissions arising from the Bank's lending activities (Scope 3).
The bank said these are consistent with levels required to meet the goals set by the Paris Agreement, and are supported by increased sustainable lending as part of the green transition for wider society.
Under the targets, Bank of Ireland is committing to a 48% reduction in mortgage portfolio emissions in Ireland and the UK, and a 56% reduction in commercial real estate portfolio emissions by 2030.
The base year for the reduction targets is 2020.
The bank said 25% of it's corporate loan portfolio will have SBTi-validated targets by 2025.
"The SBTi plays an extremely important role in ensuring emission reduction ambitions set by businesses are in line with the latest climate science," said Eamonn Hughes, Chief Sustainability and Investor Relations Officer at Bank of Ireland.
"These independently validated targets will guide our emission reduction plans and are contingent on the current Irish and UK governments' Climate Plan ambitions and planned actions," he added.
