AIB has announced that it has become the first bank in the world to secure a scientifically validated electricity generation maintenance target from the global Science Based Target Initiative (SBTi).
The bank described the move as recognition that its electricity generation loan portfolio primarily includes renewable energy assets.
AIB has been an active lender to renewable energy projects across Ireland, UK, Europe and the US supporting onshore and offshore wind, solar and battery storage technologies.
SBTi has validated AIB's target of maintaining its emissions from electricity generation at low levels and for the financed emissions targets the bank has set for 75% of its lending portfolio.
AIB chief executive Colin Hunt said the bank was pleased that its targets have now been independently validated.
"At AIB, we have set ambitious goals for our loan book and our own operations to meet the challenge of climate change head-on," Mr Hunt said.
"In terms of becoming net zero on our own operations by 2030, we last year signed a Corporate Power Purchase Agreement (CPPA) with NTR to source energy generated from two new solar farms in Co Wexford which will provide up to 80% of AIB Group’s electricity needs," he added.
The Science Based Targets initiative (SBTi) is a global body enabling businesses to set ambitious emissions reductions targets in line with the latest climate science.
It is focused on accelerating companies across the world to halve emissions before 2030 and achieve net-zero emissions before 2050.
