Business

AIB appoints Paul Travers to steer new green lending strategy

New €30bn climate capital segment of AIB’s business will be the fastest growing part of the bank’s lending book

Paul Travers of AIB.

Colin Gleeson
Mon Feb 19 2024 - 16:37

AIB has appointed Paul Travers to steer a new strategy which places an enhanced focus on greening the bank’s loan book by increasing its funding capability for significant sustainable infrastructure projects.

Mr Travers, who will hold the title “managing director climate capital” will be tasked with delivering the bank’s new three-year strategy.

In the newly created role, he will drive the group’s green lending activities with a focus on renewable energy companies and critical infrastructure projects across Ireland, Britain, Europe and North America.

The new climate capital segment of AIB’s business will be the fastest growing part of the bank’s lending book, helping deploy its €30 billion climate action fund and playing a key role in underpinning the group’s green bond offerings.

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Mr Travers, who takes up his new role immediately, joined AIB six years ago as head of energy, climate action and infrastructure. Prior to joining AIB, he was Head of Macquarie Capital Ireland, the specialist infrastructure and renewables investor.

AIB CEO Colin Hunt said: “Recognising rising customer demand and the need to do more to help combat climate change, AIB announced last November that we are tripling our climate action fund to €30 billion.

“I am delighted to welcome Paul to AIB’s executive committee and look forward to his support in delivering our new three-year strategy to further green our loan book by building on our strong track record in funding critical infrastructure projects.”

Mr Travers said: “The investment required to finance the global transition to a low-carbon economy is estimated by McKinsey to be in the trillions of dollars per year until 2050, while Ireland’s needs alone are estimated to be about €20 billion per year for the next decade.

“Banks have a major role to play in funding the transition and I look forward to helping deploy AIB’s €30 billion climate action fund to support this global effort to protect our people, our planet and prosperity for generations to come.”

Colin Gleeson

Colin Gleeson

Colin Gleeson is an Irish Times reporter

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