AIB Group has revealed new measures the bank will take to help create a more sustainable economy as it sets out its ambition to increase its momentum for change.
Recognising that the majority of its carbon footprint comes from lending to support customers, it also pledged that green lending will account for 70 per cent of its new customer lending by 2030.
This means financing activities that will help decarbonise the economy and supporting customers to transition to a low carbon economy.
Chief executive Colin Hunt said: “Managing climate change is the most important challenge facing this generation and the role of finance in supporting the transition to a low carbon economy is pivotal.
“We are focussed on ensuring AIB is leading the financial market in climate change action by creating a virtuous green circle, where sustainable lending practices in turn attract the capital that supports further lending for the benefit not only of our customers and the wider economy, but also the fragile planet which sustains us all.’’
AIB is one of the first banks to pledge to operate as carbon neutral by 2030, using a ‘net zero’ approach.
The bank has already made significant progress, reducing its direct emissions by 40% per cent since 2014 though initiatives such as reductions in the use of water, waste and paper; transition to the use of renewable energy; and the removal of all single use plastics starting with its head office locations.
