AIB green lending target doubles to €60bn by 2030

The bank ramps up support for renewable energy and energy-efficient homes

The bank's chief executive, Colin Hunt, announced the new target at the COP31 climate summit in Turkey on Friday. The commitment is twice the original €30 billion goal.

AIB said the funding would help pay for large renewable energy developments, energy-efficient home improvements and projects that allow businesses and farmers to reduce their environmental impact.

Hunt said banks needed to help make climate plans possible by providing the money required to carry them out.

“Banks have a critical role in turning climate ambition into practical action,” he said.

“That means financing renewable energy, helping households improve the energy efficiency of their homes and supporting businesses - large and small - as they make the transition.”

Green loans make up 43% of AIB’s new lending

The bank has already made considerable progress towards its earlier target, lending €28 billion to green and transition projects since 2019. 

That represents 93% of the original commitment, according to figures reported by RTÉ.

AIB provided €6.3 billion in green loans last year, accounting for 43% of its total new lending. It issued a further €5.3 billion during the first nine months of this year.

Hunt said the investment was also about strengthening the economy, arguing that the move towards more sustainable industries could make it more competitive and better prepared for future challenges.

“A sustainable economy will be a stronger, more competitive and more resilient economy,” he said.