Sustainable Finance Framework provides greater transparency and will help the Bank report on progress and identify potential new products.
In its first Sustainable Finance Framework, the Bank sets out detailed criteria under which lending can qualify as green finance, social finance or sustainability-linked finance across the Group. The areas covered include residential and commercial buildings, sustainable food and agriculture, energy efficiency, renewable energy, pollution prevention and control, sustainable water management, clean transportation, affordable housing, and access to healthcare.
The Bank has already launched a number of innovative sustainable finance offerings such as its Enviroflex loan, designed to encourage sustainable farming practices, and a green capex loan for corporate customers. And in a first for the Irish market, the Bank's new 'EcoSaver Mortgage' has transformed its pricing of fixed-rate mortgages to align with
Today the Bank also published a detailed breakdown of its sustainable finance portfolio which grew to
Composition of
Sustainable Finance 2023 (EURbn) 2022 (EURbn) Increase % *
Customer lending 11.1 8.2 35%
Of which:
ROI green mortgages 6.5 4.0 59%
Green commercial real estate 1.7 1.7 2%
UK green mortgages 1.3 1.1 21%
Sustainability-linked loans 1.2 1.1 10%
Renewables project finance 0.3 0.2 46%
Electric vehicles 0.1 0.1 73%
*Percentages presented are calculated from the underlying unrounded amounts.
The Sustainable Finance Framework is available here.
The Sustainability Report 2023 is available here.
Note to Editors:
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