AIB has become the exclusive financial institution partner of the Farm Zero C project, based in Shinagh, outside Bandon, West Cork.
Farm Zero C, a joint project of Carbery, the West Cork based international food ingredients company, and BiOrbic, Ireland's National Bioeconomy Research Centre, aims to create an economically viable, climate neutral model for Irish dairy farming.
In becoming the exclusive financial institution partner AIB will provide financial support towards the research, promotion and public advocacy of the work underway at Shinagh.
"I want to extend my congratulations to Carbery Group, BiOrbic and AIB for coming together on such a magnificent project that has the potential to significantly reduce greenhouse gas emissions in the agricultural sector through innovative new farming practices and technology," said Minister for Finance, Michael McGrath.
"Agriculture represents a key part of the Irish economy, sustaining incomes, jobs and communities throughout all parts of the country and it is important that we enable the sector to be both economically viable and environmentally sustainable," he added.
AIB CEO Colin Hunt said the bank is delighted to partner with all stakeholders on this project.
"Agriculture has been at the heart of the Irish economy for centuries, and at AIB we see the dedication to sustainability that Irish farmers demonstrate every day from dawn to dusk.
"The necessary transition to a low carbon economy requires leadership, partnership and innovation from all sides. We are both committed to and invested in facilitating this transition, and in supporting Carbery and BiOrbic through the partnership announced today," he added.
The Farm Zero C project brings together a group of research and industry experts in a world-first attempt to come up with a farm-level solution for a global problem.
The interdisciplinary programme of work is targeting soil and grassland; animal diet and breeding; biodiversity; life cycle analysis; and renewable energy.
It is also considering business models and planning to ensure all proposed interventions are commercially viable and looking at the potential for carbon trading to be integrated within a low emission farm model.
The project is co-led by Carbery Group and BiOrbic, with other partners including UCD, Trinity, Teagasc, and MTU.
The project has received €2m funding from Science Foundation Ireland under the Zero Emissions Challenge. Earlier this year, the Department of Agriculture, Food and the Marine approved funding of €3m to develop an anaerobic digester and grass biorefinery on the site.
Shinagh Farm, owned by the four West Cork co-ops, is the site of the project.
"The AIB contribution will allow us to make further progress, and most importantly, to communicate the work underway and the potential benefit to a wide range of stakeholders, including most importantly farmers and the agri sector," said Carbery CEO Jason Hawkins.
