Bank of Ireland delivered EUR 14.7 billion in sustainability-related finance during 2024, a 32% increase on the prior year, as the Irish lender continued to build towards its long-term target of EUR 30 billion in sustainable finance by 2030. The figures were disclosed in the bank's 2024 ESG investor presentation, which also set out progress on green bond issuance, market position in green mortgages and operational emissions reduction achieved over the year.
Cumulative green bond issuances reached EUR 4.8 billion, the bank reported. Bank of Ireland also confirmed it holds the number-one market position for green mortgages in Ireland as of 2024, a standing that reflects the emphasis it has placed on aligning its retail mortgage offering with energy-efficiency standards in the Irish residential property market, where demand for better-rated homes has grown as energy cost concerns and regulatory requirements have both intensified.
EMISSIONS REDUCTION AND INTERIM TARGETS
Bank of Ireland achieved a 47% reduction in Scope 1 and 2 emissions by December 2024 against its 2020 baseline. Scope 1 and 2 emissions cover direct energy consumption and purchased electricity, heat and steam, meaning the reduction principally reflects progress in decarbonising the bank's own operations — its branch network, data centres and corporate offices across Ireland and its other operating locations. A nearly halved operational carbon footprint relative to the 2020 starting point is a substantial improvement in the context of the bank's decarbonisation timeline.
The bank said it remained on track to meet its EUR 15 billion interim sustainable finance target for 2025, a milestone it views as a stepping stone toward the EUR 30 billion 2030 goal. The 2024 outcome of EUR 14.7 billion positions Bank of Ireland close to that interim threshold with a full year still to run, suggesting the target is achievable if the pace of eligible lending activity is maintained. Progress on both the interim and long-term targets will be a key focus for ESG-oriented investors monitoring the bank's performance.
SUSTAINABLE FINANCE ACROSS THE LOAN BOOK
Sustainability-related finance at Bank of Ireland spans both retail and corporate lending, encompassing green mortgages, sustainability-linked loans, social housing finance and other products structured to deliver measurable environmental or social outcomes. The Irish green mortgage market has developed steadily as the government's retrofit programme and updated building regulations have created demand for homes meeting defined energy performance standards, a trend from which Bank of Ireland's leading market position in that segment has directly and substantially benefited over the past several years.
Sustaining the pace of sustainable finance origination will be essential if Bank of Ireland is to reach the EUR 30 billion 2030 target. The strong 2024 performance and the maintained trajectory toward the 2025 interim milestone indicate that momentum remains intact across retail and corporate lending segments. Management's ongoing commitment to ESG disclosure and its continued expansion of sustainable product offerings reflect the bank's intention to remain well positioned for the growing pool of institutional capital that allocates to lenders with credible, transparent and well-documented sustainability strategies, as competition among European banks for ESG-oriented investor interest continues to intensify across fixed-income and equity markets.