Banks have a crucial role to play in enabling Ireland's transition to a low-carbon economy. Since 2017, a dedicated energy, climate action and infrastructure (ECAI) team has been a key part of AIB’s response. The team provides financing across the energy and infrastructure sectors with a primary focus on renewables such as onshore wind, offshore wind and solar.
The pace of change in climate action is reflected in the increasing appetite and demand for green lending. AIB had originally allocated €5bn to a climate action fund launched in 2019 with a target of lending €1bn per annum for green and transition lending over five years. In 2021, reflecting huge demand, AIB doubled the fund to €10bn over the same timeframe.
Climate change is the greatest challenge facing this generation
My role as senior analyst focuses on large-scale lending to renewables and infrastructure projects that directly contribute to Ireland's and Europe's climate action goals. I work with senior team members on transaction proposals including investment analysis, internal approval process and investment execution. Following investment approval, I undertake the day-to-day management of the transaction including periodic reviews, monitoring performance, and ensuring compliance with covenants.
Being a part of the ECAI team allows me to work on some of the most interesting and rewarding transactions across all asset classes within the energy and infrastructure sectors.
In 2021, the Irish government announced its plans to develop 5GW of offshore wind energy by 2030. Offshore wind represents a huge opportunity for Ireland to take advantage of an accelerated decarbonisation pathway. Given its experience in lending to European offshore wind farms, ECAI is keen to support Irish offshore projects. We are committed to playing a significant role in helping the government and the EU meet their carbon reduction targets.
The most important business lesson I have learned in my career is to be flexible and open to possibility
Climate change is the greatest challenge facing this generation and businesses should never underestimate how important any contribution can be. One novel idea we've implemented is keeping beehives on the rooftops of our two Dublin offices. These provide habitat for around one million bees, which contribute massively to our environment as they pollinate plants, flowers and crops all around the city.
The most important business lesson I have learned in my career is to be flexible and open to possibility. Having finished college with a psychology degree and not knowing what I wanted to do next, a job opportunity arose to train as an accountant at a local practice, which started me on my ACCA journey.
Through ACCA, I became interested in finance and investment appraisal, which led me to my current role. Good things come from being open to new opportunities.
