AIB will expand its Climate Action Fund to €30bn as the bank is expected to allocate the previously committed €10bn by the end of the year.
It made the announcement ahead of its sustainability conference today to be addressed by former New Zealand Prime Minister Jacinda Ardern.
AIB has over the last three years raised a combined €4bn from the issuance of green bonds and is targeting that 70 per cent of its new lending will be green or transition by 2030.
The International Monetary Fund estimates the cost for Ireland to transition to a low carbon economy will amount to approximately €20bn each year over the next decade, much of which will come from the private sector.
This morning’s conference, on the theme ‘It’s Time to Act’ will hear from the Rt. Hon. Dame Jacinda Ardern, former Prime Minister of New Zealand, Senior Fellow, Harvard University; from Trevor Noah, comedian, best-selling author, producer and philanthropist; and from Irish businesses who will offer advice on how they have integrated the green agenda into their operations.