AIB said today it has appointed Paul Travers as Managing Director Climate Capital at the bank.

The bank said the appointment will support the delivery of its three-year strategy which places an enhanced focus on “greening” AIB’s loan book.

This will include increasing the lender’s funding capability for significant sustainable infrastructure projects.

It said that Mr Travers will drive the bank’s green lending activities with a focus on renewable energy companies and critical infrastructure projects across Ireland, the UK, Europe and North America, helping accelerate the transition to a zero-carbon future.

The new Climate Capital segment of AIB’s business is set to become the fastest growing part of its lending book.

It will help deploy AIB’s €30 billion Climate Action Fund and will also play a key role in underpinning the bank’s green bond offerings.

Mr Travers joined AIB six years ago as Head of Energy, Climate Action and Infrastructure. Before working at the bank, he was Head of Macquarie Capital Ireland, the specialist infrastructure and renewables investor.

“The investment required to finance the global transition to a low-carbon economy is estimated 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,” Mr Travers said today.

“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,” he added.

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AIB CEO Colin Hunt said that recognising rising customer demand and the need to do more to help combat climate change, the bank announced last November that it was tripling its Climate Action Fund to €30 billion.

“The appointment of a Managing Director Climate Capital underlines the scale of our ambition to ensure a greener tomorrow through major lending for energy and climate action infrastructure both nationally and internationally,” he added.