Green Growth: Bank of Ireland and Kerry Cultivate Sustainable Farmer Loans

Bank of Ireland Launches 'Enviroflex' Loans to Support Sustainable Farming Practices

Bank of Ireland (BOI) has partnered with Kerry Dairy Ireland to introduce sustainability-linked loans for farmers who are implementing sustainable farming practices. The new programme, called ‘Enviroflex’, is now available for applicants. The aim of Bank of Ireland is to lead the green transition in the agri-industry by offering discounted flexible finance options to farmers. The initial applicants for these loans will be suppliers to Kerry Dairy Ireland who are participants of its Evolve Sustainability Programme and are actively carrying out environmental sustainability measures on their farms. Bank of Ireland has a long-standing tradition of supporting farmers in an evolving sector, helping them reduce their farms’ environmental footprint, increase forestry and tree planting, and improve biodiversity, water quality, and animal welfare practices. This partnership is supported by Bord Bia’s Origin Green Sustainability Programme and the Teagasc Marginal Abatement Cost Curve (MACC). The loans provided through this programme will encourage and reward accelerated sustainable action at the farm level.

Eoin Lowry, head of the agri-sector for Bank of Ireland, commented on the launch of the Enviroflex loan programme, stating that it is designed to reward farmers who adopt more sustainable farming practices with discounted finance options. He expressed his delight that the programme is now open for applications from Kerry Dairy Ireland suppliers. Lowry also mentioned that the bank is looking forward to making this product available to more farmers across the agriculture industry in 2024. James O’Connell, general manager of Kerry Agribusiness, expressed his enthusiasm for the partnership, stating that Kerry Dairy Ireland is delighted to collaborate with Bank of Ireland in delivering Enviroflex, an innovative financial product. O’Connell emphasized that Enviroflex, as a sustainability-linked loan, aligns with their objective of facilitating and accelerating the adoption of more sustainable farming practices.

In other news related to Kerry milk suppliers, Kerry Group has confirmed that its milk price for supplies in October will remain unchanged from the previous month. The processor announced a base milk price of 32c/L, which includes a further 3c/L milk contract payment, inclusive of VAT for qualifying October supplies. This represents a combined price of 35c/L, which has remained unchanged since August. Based on Kerry’s average milk solids for October, the processor stated that the milk price return, inclusive of VAT and bonuses, is 44.94c/L.

These new sustainability-linked loans provided by Bank of Ireland in partnership with Kerry Dairy Ireland offer farmers a valuable funding option to support their efforts in implementing sustainable farming practices. The discounted finance options will not only benefit the farmers but also contribute to the green transition in the agri-industry. By supporting initiatives such as reducing environmental footprints, increasing forestry and tree planting, and improving biodiversity, water quality, and animal welfare practices, Bank of Ireland is playing a crucial role in promoting sustainable agriculture. The partnership with Kerry Dairy Ireland, supported by Bord Bia and Teagasc, further strengthens the commitment to sustainability in the farming sector.

The Enviroflex loan programme is an exciting opportunity for farmers to access simplified online applications and avail of discounted finance options. The collaboration between Bank of Ireland and Kerry Dairy Ireland demonstrates the commitment of both organizations to drive sustainable farming practices and contribute to a more environmentally friendly agricultural sector. With the programme now live, farmers can take advantage of the benefits offered by Enviroflex and contribute to a greener future for Irish agriculture.

Meanwhile, Kerry Group’s decision to maintain the milk price for October supplies at the same level as the previous month provides stability for Kerry milk suppliers. The unchanged price of 35c/L, inclusive of VAT and bonuses, ensures that farmers continue to receive fair compensation for their milk. This consistency in pricing demonstrates Kerry Group’s commitment to supporting its suppliers and maintaining a sustainable relationship within the dairy industry.

Overall, these developments in the agricultural sector highlight the growing importance of sustainability and the commitment of key stakeholders to drive positive change. The introduction of sustainability-linked loans and the consistent pricing for milk supplies demonstrate the industry’s dedication to environmental responsibility and fair compensation for farmers. As Ireland continues to prioritize sustainable practices, initiatives like these will play a crucial role in shaping the future of agriculture in the country.

Matt Lyons

Matt Lyons

Matt Lyons is the founder of Forestry & Carbon. Matt has over 25 years as a forestry consultant and is invoilved in numerous carbon credit offset projects.

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