Irish bank AIB has raised €500 million from issuance from its seventh green bond, which will fund a environmental and climate action projects.
The International Money Fund (IMF) reported that it would cost Ireland €20 billion a year for the next decade to fund the transition to a low carbon economy, of which private investment would be a key factor.
AIB has used Climate Capital to fund renewable energy projects, green buildings, and clean transportation through its green bonds. The bank has raised €6.9 billion in green and social bonds to date, having deployed €16.6 billion of its €30 billion Climate Action Fund since 2019.
AIB chief executive Colin Hunt stated: “Sustainability is at the heart of AIB’s Group strategy as we continue to be a catalyst for positive climate change in Ireland and beyond. This latest green bond issuance allows us to deploy capital and provide funding for vital green and transitional infrastructure and activities. We will continue to lead the way in the transition to a greener world by reducing our own carbon footprint, supporting our 3.35 million customers through the provision of green loans, and ensuring capital is used in a way that benefits the environment.”
In 2020, AIB was the first Irish bank to issue a green bond.