Ireland-based banking group AIB announced the appointment of Paul Travers to the newly created role of Managing Director Climate Capital, with responsibility for driving the bank’s expanded green lending activities focused on renewable energy companies and critical infrastructure projects across Ireland, the UK, Europe and North America.

The new appointment follows the launch by AIB of a new three-year strategy, with an enhanced focus on greening the bank’s loan book including by increasing its funding capability for significant sustainable infrastructure projects. AIB announced in November that it will triple its Green Lending Climate Action Fund to €30 billion, and in January, the bank launched its new Climate Capital segment, centralizing its sustainable infrastructure project funding activities in the new unit.

AIB said that Climate Capital will be the fastest growing part of the bank’s lending book.

AIB CEO Colin Hunt said:

“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. 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 across Ireland, the UK, Europe and North America.’’

Travers 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 and one of the world’s largest infrastructure asset managers.

AIB’s Managing Director Climate Capital Paul 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 c. €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.’’