Irish bank is retrofitting energy-efficient lighting across all of its branches.
Bank of Ireland has confirmed plans to invest more than €5m to retrofit LED lighting in its branches.
The move will enhance energy efficiency and reduce the bank’s carbon footprint.
“We are committed to promoting a greener and more sustainable future, and investing in energy-efficient LED lighting is one step in that journey”
114 branches have been completed and the remainder will be completed by the end of March 2024.
The project will reduce the Bank’s lighting energy consumption by 60% through the installation of 35,000 energy efficient LED light fittings.
Light up, light up
Bank of Ireland operates a large and diverse estate portfolio comprised of retail branches, call centres, data centres and office buildings across Ireland, UK, Europe and the US. The LED lighting project aligns with the ISO 50001 standards on energy management, which sets out how organisations can improve their energy use and conserve resources.
“We are committed to promoting a greener and more sustainable future, and investing in energy-efficient LED lighting is one step in that journey,” said Susan Russell, CEO of Bank of Ireland’s Retail Ireland division.
“By upgrading our lighting infrastructure, including across our entire branch network, we are not only reducing our environmental impact but also contributing to a more efficient and sustainable operation.”
In December 2022, The Science Based Targets initiative (SBTi) validated Bank of Ireland’s target of a 49% reduction in GHG from its own operations (Scope 1 and 2) by 2030, which supports its broader aim of net zero emissions by 2030.
Overall, Bank of Ireland has made significant progress in reducing scope 1 and 2 emissions, reaching absolute emissions reductions of 89% since 2011, and a 41% reduction on the 2020 baseline.
“Energy efficiency is an important pillar of our ESG strategy and we believe that this investment not only benefits our bottom line but also underscores our commitment to reducing our environmental impact and contributing to a more sustainable world,” said Eamonn Hughes, chief Sustainability and Investor Relations officer at Bank of Ireland.
Bank of Ireland has initiated a range of initiatives to minimise its negative environmental impact. The Group is planning a phased electrification of its fossil-fuel based space heating systems, further decarbonising operations.
An investment of €36 million in the College Green complex will include upgrading the heating and cooling systems and lighting with energy efficient technologies.
As well an energy efficiency, there has been a concerted effort across the Group to significantly reduce paper usage – 40% of shareholders have signed up for email correspondence alone, which has reduced printing required for the AGM by over 91%.