Bank of Ireland rolls out Green Bond framework

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The Bank of Ireland has announced the roll-out of a Green Bond framework today. This development is expected to enable the Bank to issue Green Bonds and finance additional projects across renewable energy, green buildings, and clean transportation. The Bank has recently launched its Sustainable Finance Fund, which has offered around €600 million to date in green loans to homeowners and businesses.

The Bank considers the Green Bond Framework as another important step in its journey as it defines the loans or investments eligible to be financed through its green bonds.

Mark Spain, Chief Strategy Officer, Bank of Ireland, said, “When we became a signatory to the United Nations Principles for Responsible Banking, we said that it signified our commitment to play a key part in the global drive for more responsible banking operations. Since then, we have made great progress, providing nearly €600m in green loans and mortgages across Ireland and making significant strides in transforming our own operations and reducing our property and carbon footprint. We are delighted that these improvements have been recognised this year through an enhanced rating from Sustainalytics, a global leader in ESG and corporate governance research and ratings.”

Bank of Ireland stated that its Responsible & Sustainable Business Initiatives include a 50% carbon intensity reduction rate for 2030, €2 billion Sustainable Finance Fund, launch of Green Mortgage Interest Rate, Green Home Improvement Loan,  Green Business Loan, and Green Bond framework.

Sustainalytics has assessed Bank of Ireland’s Green Bond Framework to ensure alignment of the Framework with the Green Bond Principles as published by the International Capital Markets Association (ICMA).

“Today is another significant step on the Bank’s sustainability journey, with the launch of our Green Bond Framework. Our commitment to supporting a low carbon economy requires funding, and the Framework ultimately enables us to finance more projects that mitigate climate change by reducing carbon emissions. We will continue to support more customers with their sustainability ambitions, reduce our own carbon footprint, and make further progress on this critical agenda,” added Spain.