Bank of Ireland raises €750 million for sustainable finance in third Green Bond issuance of the year

7 November 2023 – Bank of Ireland yesterday raised €750 million to fund sustainable projects through its third green bond issuance of the year. The funding raised will finance clean transportation, renewable energy, and green buildings.

There was strong demand for the bonds with orders of approximately €3.2 billion and more than 200 investors participating.

Bank of Ireland is the first Irish bank to set scientifically-validated targets for reducing greenhouse gas emissions, covering 76% of the loan book and all of the Group’s own operations. The Bank aims to grow sustainability-related lending on its balance sheet from c.€8 billion in 2022 to €15bn in 2025 and €30bn by 2030. Green mortgages now account for half of the Bank’s new Irish mortgage lending.

Eamonn Hughes, Chief Sustainability and Investor Relations Officer, Bank of Ireland, said:

“Bank of Ireland is committed to working with our customers, colleagues, shareholders and society to support their transition to a resilient, net zero economy by 2050, in line with the Irish and UK governments’ ambitions and targets. We have made good progress to date in supporting green loans and mortgages for customers and in transforming our own operations and reducing our carbon footprint. This successful green bond issuance will allow us to continue providing solutions and supports that help Ireland move to a low-carbon future.”

Bank of Ireland has issued €2.25 billion in bonds through its Green Bond Framework so far this year, bringing total issuances to date to c. €4.75 billion.