FinanceDublin.com - Banks’ vital role in financing the transition to a low carbon economy

Financing the transition to a decarbonised economy will require major backing from the banking sector writes BPFI’s LOUISE O’MAHONY. She outlines the major opportunities and challenges facing the sector in helping to meet ambitious regulatory targets at Irish and EU levels and adds that there is a need for incentives to build momentum on top of the significant progress made to date.

The role of sustainable finance is increasingly taking centre stage as the EU, and other jurisdictions, attempt to address the climate crisis and meet ambitious regulatory targets. It plays a key role in delivering on EU policy objectives under the European Green New Deal, which sets the blueprint for a new economic model in response to the climate emergency and to achieve reductions in emissions in the EU by at least 55% by 2030 (from 1990 levels). In Ireland, policy objectives are equally ambi....

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Louise O’Mahony is head of Sustainable Banking at Banking and Payments Federation Ireland.

¹ A cornerstone of the EU’s sustainable finance framework, the EU taxonomy is a classification system that defines criteria for economic activities that are aligned with a net zero trajectory by 2050 and the broader environmental goals other than climate.