Kerry Dairy joins forces with Bank of Ireland to provide additional funding option for farmers implementing sustainable practices.
Kerry Dairy Ireland has launched a new partnership with Bank of Ireland that will provide funding for sustainable farming improvements for its milk suppliers.
The partnership will result in the development of a sustainability-linked loan with discounted rates and flexible finance options for farmers who are members of the company’s ‘Evolve Dairy Sustainability Programme.’
“Loans directly linked to sustainability improvements on farms reward farmers for improving the environmental impact of their farming practices”
The sustainability-linked loans will provide an additional funding option for farmers in the implementation of sustainable farming practices aimed at reducing carbon and ammonia emissions, enhancing animal health, welfare and productivity – as well as improving biodiversity and water quality.
Eligible applicants must provide a clear plan outlining the Evolve sustainability measures they will implement on their farms and must remain committed to the programme throughout the loan’s duration.
The Evolve Dairy Sustainability Programme supports the accelerated adoption of science-based sustainable farming practises and is underpinned by Origin Green and the Teagasc Marginal Abatement Cost Curve (MACC).
“This partnership with Bank of Ireland demonstrates our commitment to driving science-based sustainability-related change across our milk-supplier farms,” said James O’Connell, head of Kerry Agribusiness.
“We are delighted that our milk suppliers will have the opportunity to participate in our Evolve Dairy Sustainability Programme, using it as the qualifying basis for attaining discounted loan rates and flexible finance.”
The partnership will provide Bank of Ireland with key data as part of its Sustainability reporting, as it works towards meeting its own science-based targets across its operations. Bank of Ireland is the first Irish bank, and one of the first in Europe, to have its 2030 emission reduction targets formally validated by the Science Based Targets initiative.
“We are pleased to announce this new partnership with Kerry Dairy Ireland, which builds on our existing strong relationship,” said Eoin Lowry, head of Agri Sector at Bank of Ireland.
“Loans directly linked to sustainability improvements on farms reward farmers for improving the environmental impact of their farming practices.
“Agriculture is an incredibly valuable part of the Irish economy and a key sector for Bank of Ireland, the largest lender to the industry providing more than half of all new lending.
“Sustainability linked loans such as these will also help the agriculture sector meet the Government’s emissions reduction target of 25% by 2030. Our partnership with Kerry Dairy Ireland and the introduction of this new loan product later this year is another positive step towards achieving best practice sustainable farming.”
Image at top: James O’Connell, head of Kerry Agribusiness, with Eoin Lowry, head of Agri Sector at Bank of Ireland