As Ireland’s largest financial services provider we also have a responsibility to our customers and country to lead the way in the fight against climate change. In doing our part to help achieve this, we have put sustainability at the heart of our strategy at AIB.
Our ambition is that green and transition lending should account for 70% of overall new lending by 2030 as we aim to play a significant role in helping the Government and European Union meet their carbon reduction targets.
Every day we are working hard to support our customers in their transition to a low carbon future, with green lending options available to mortgage borrowers and personal customers, large corporates and SMEs. An example of this support is our sponsorship of the Dublin Chamber Sustainability Academy, which brings practical training and insights to participating businesses for their sustainability journey.
We want to ensure a greener tomorrow by backing those who are building it today.
We doubled our Climate Action Fund to €10bn, due to strong customer demand. The fund was originally launched in 2019 with a target of lending €1bn per annum for green lending over five years. Having comfortably exceeded this annual target for two years, it is now €2bn with Green Lending accounting for 19% of all new lending in 2021.
And our Energy, Climate Action and Infrastructure lending continued to be both the fastest growing book and the best performing loan book in AIB, underlining that banking green can also deliver resilient sustainable returns.
Our support in helping Ireland’s transition to a low carbon economy also extends to our charity partners. Reducing food waste has been recognised as the single biggest individual solution to reverse the effects of climate change. This is why our longstanding partnership with social enterprise FoodCloud is so important to us.
Together, these AIB initiatives can help play a role in reducing the amount of harmful greenhouse gas emissions released in to the atmosphere. It is a good start, but we have a lot more to do.