Earlier today, I had the tremendous opportunity to talk to business professionals from Allied Irish Bank and Goodbody Clearstream, where they talked about how Allied Irish Bank practices sustainability as well how companies try to achieve it in the EU.

One thing I learned about was how Allied Irish Bank has a series of guardrails to ensure that they are meeting their sustainability goals, including agreeing to a plan, working with customers through that plan, and creating enhanced asset management. Through these guardrails they ensure people that their words are not empty. Another thing I learned was how sustainability laws in Ireland operate on three different levels, national (ROI Climate Action Plan, EU (European Green Deal), and Global (Paris Climate Agreement). These three levels ensure that companies are being held accountable by three different governing bodies. A third thing I learned was that small businesses have a harder time transitioning to a sustainability based mindset, due to smaller profit margins and steep overheads, a problem that Allied Irish Bank says they try to help with through Sustainability loans.

One thing I found particularly interesting was how transparent the professionals we talked to were, especially Paul. He leveled with us that the company isn’t perfect and that banks have a bad reputation due to the financial crisis and the huge bailouts. I really appreciated the transparency from Paul, Kathy, and John. Another thing I found interesting was how Goodbody Clearstream’s main goal is to make sustainability as easy as possible for companies, so that they can achieve their goals while also undertaking good sustainability practices. One thing I’d like to learn more about is the different kinds of Carbon Accounting, Scope 1, Scope 2, and Scope 3. They were addressed in the presentation but I’d to look more into it and how companies address it on my own.

The bank aims to be net zero in its operations by 2030. It may not be easy, but their practices are fundamental. At its very core, AIB is a company that believes in everything they do; they aren’t just checking off boxes. 

Paul works to show property managers that sustainability requirements enhance management, rather than impose on it. He put it perfectly, “If you’re not investing in the sustainability of the property, you’re always investing.”  

John’s explanation of AIB’s carbon goals sparked a question: What happens if they fall short of their goals? The choice, as they put it, is simple. Invest in sustainability or pay the fine. If they pass their carbon budget, they plan to purchase energy credits from Spain.  

I didn’t even know energy credits existed!  

I have full faith in AIB as a leader in climate action and am grateful for their ability to transform my previous assumptions about banking’s relationship to sustainability.  

I was lucky enough to document our day, check out @KleinGlobal on Instagram to see my takeover!

-Ila van Schaik

Today’s meeting with AIB and Goodbody Clearstream was such a great experience, especially for my first time ever in a boardroom setting! Environments like these tend to intimidate me, but after today they don’t seem so scary. Having a little chocolate croissant before we started probably helped put me at ease. I can actually see myself having a place at the table, and I’m starting to get excited about what I can bring to meetings like these in my professional career.

Paul Kelly shared a couple of quotes that I really liked, and they did a great job illustrating his points. The first was, “You can’t be green if you’re in the red,” which helped solidify the idea that financial stability is a prerequisite for meaningful sustainability work. When implementing a sustainability practice, financial feasibility will always come into question — Are these initiatives sustainable themselves long-term? Can we financially support them to maximize their efficacy? How will they affect our bottom line?

The second quote was from Abraham Lincoln: “I may walk slowly, but I never walk backwards.” This underscored how impactful sustainability requires consistency and time. Transitions like carbon neutrality or supply chain overhauls take years and require incremental progress — but even small gains matter if they’re part of a greater sustainability trajectory.

After the meeting, I had the chance to talk with Katie. It was great chatting with her in a non-presentation setting, where I felt more comfortable asking questions and the conversation felt more personable. I love connecting with people and networking, and even though I was a bit nervous to jump into a conversation with her, I knew it would be worthwhile — and I’d be proud of myself for doing it.

Katie’s portion of the presentation, along with what we discussed in our small group conversation, surprisingly sparked my interest in possibly pursuing a career in CSR and sustainability PR. Moving forward, I could absolutely see myself working in this field, as it also seems rewarding on a personal level. Creating a positive impact through my career is something I strive for, and CSR and sustainability align perfectly with that value.

Today we visited the Allied Irish Banks to learn more about how sustainability layers into Irish culture, community, and legislation. 

Three things I learned on this visit: 

1. You have to walk the talk. If a company only talks about sustainable practices and embedding care towards their stakeholders, but has no action, they are greenwashing. They must walk to their commitments or their practices are just commercial. 
2. If sustainability is politicized, reframe it. Change the language based on who the client is or what they know. With political pressures around the globe, there has been a shift in how we should approach speaking about sustainability practices. Similar to the pressures of DEI, it is imperative to recognize the impact of global political pressures and become intentional in how we speak about sustainability based on the client we are talking to. 
3. Be collaborative with your clients when talking about sustainability. It is important to walk with the clients and guide them through the process of building more sustainable practices. One might say, a pacer for a race should be on the shoulder of the runner. 

Two Things I Found Interesting

1. While the end goal is to pitch sustainable practices, pitching the ROIs and showing the balance sheet will help businesses understand sustainability’s role within a company. 
2. Ireland’s government puts pressure on landlords to ensure sustainable business practices through legislation. 

One Thing I Want To Learn More About

1. Impact and Risk with Sustainability. I want to learn more about double materiality: A dual approach to sustainability by viewing the financial impacts of sustainability themes while viewing the company’s effects on society and the environment. 

Today’s class trip was truly insightful. I learned so much regarding what makes sustainability initiatives effective and what factors makes a business successful. I found the discussion on incentives for developers to integrate energy efficient buildings interesting along with the conversation on authenticity and transparency, using the Spain blackout as an example.

In the EU, each building is rated through the Energy Performance of Buildings Directive (EPBD), which measures energy efficiency. This puts pressure on landlords to have insulation, enhanced heating and cooling systems and the use of renewable energy. I personally feel this is amazing for both the renters and landlords. Higher ratings make housing more livable and attractive to renters, which can increase a landlord’s income. In turn, those earnings can be invested in further improvements to raise their rating even more.

For any company transitioning to renewable energy and sustainability, it is more important to remember that the process requires patience and commitment. If something doesn’t work the first time, the key is to find solutions rather than abandon the effort that was being made. I found the example of the Spain electrical blackout in April a good example of this. Upon further research I found that the blackout wasn’t caused by an issue with solar energy but rather the failures in grid management and infrastructure, yet Spain didn’t give up on renewable energy. Instead, they worked to improve their infrastructure to prevent any further issues and enhance the system.

This experience deepened my understanding of how sustainability efforts require both regulations (like the EPBD ratings) and a mindset of resilience and transparency. I left this business trip with a clear view of how policy and transparency can work together to create meaningful, lasting change.

Today, at Allied Irish Banks and Goodbody Clearstream, I learned about their initiatives and their motives behind becoming a sustainable company from Paul, Katie, and John. AIB is leading in the nation for their efforts in corporate social responsibility shows me that they are authentic in their values. John spoke about how AIB has raised over €19 billion for the Climate Action Fund since 2019, and their goal is €30 billion by 2030. Also, they wish to become net-zero in carbon emissions by 2030, and if they cannot make it to zero, they will have to pay tens of billions in fines. There is no time to waste, and with the United States dropping out of the Paris Agreement, the world needs climate action now more than ever. Another thing I learned from AIB was how to be transparent with your stakeholders, no matter if the reports are positive or negative. People value authenticity, and if the company is making clear efforts towards creating a more sustainable future, they will choose your business. Lastly, Paul discussed CSRD, the corporate sustainability reporting director, which puts regulatory pressure on landlords to make sure that their tenants live in habitable homes. This ensures that landlords will make sure their properties have A or B ratings are are always improving and investing in their properties. AIB is always putting in the time and effort to build 2,000 passive houses in Ireland, which are properties that never have to be heated or cooled because they always maintain 21° C. This ensures that energy is saved, as well as contributing to the fight against the housing crisis. 

One thing that I found interesting was how much society has changed over the past decade regarding sustainability. While Katie of Goodbody Clearstram was discussing the efforts that Munster Rugby is taking to reduce the number of indirect carbon emissions that Munster’s rugby team emits from fan travel, I was thinking about how 10-15 years ago, people would have never given it a second thought. After the discussion, I spoke with Katie and asked her a few questions about her career journey. I found out that she originally went to school for marine biology because she grew up in a coastal town and developed a genuine passion for protecting and sustaining the environment. She also talked about how in a country as environmentally focused as Ireland, there are still climate deniers, which I found particularly absurd. After this trip to AIB, I would like to learn more about the regulations that companies have to go through to confirm that they will not be fined by the government.

Our visit with Allied Irish Banks and Goodbody Clearstream was an incredibly rewarding experience, and I learned a great deal of valuable information and insights.

Firstly, I want to share that my dreams of sitting in a boardroom in business clothing with my notebook and pen have been fulfilled (yes, this is actually something I have always wanted to do). Not only that, but they provided us with coffee, tea, and fresh, warm pastries. Yes, they were warm. The apple pie pastry was everything I’ve wanted and more.

Once we began, we got the privilege of hearing and learning from Paul Kelly, Katie Heston, and John McGeown. They shared with us that the entirety of the EU is striving to be carbon-neutral, which made the environmentalist in me very happy.

John McGeown shared information about AIB’s climate action fund, specifically that their climate action target is to achieve net-zero emissions by 2030. I found this to be wildly impressive, and I hope that more American companies will begin/continue to implement similar targets and initiatives for the sake of our planet and overall betterment of society. John also noted the importance of trusting and believing in science and taking sustainability initiatives seriously. He informed us that focusing on sustainability practices is critical, as it helps the communities AIB and Goodbody Clearstream serve. As he noted, not only is it helping communities, but it is just the right thing to do.

I genuinely enjoyed our visit to AIB, and I cannot wait for all of our other visits we have planned for the rest of our trip!

Sláinte!

The Allied Irish Bank (AIB) and Goodbody Clearstream meeting on sustainability was incredibly insightful! Paul, Katie, and John were so knowledgeable and provided both information and metrics.  

Paul taught us that it is important to meet your customer and bring them with you on your sustainability journey. Instead of making sustainable changes to your business and overwhelming customers, a business should help their customer make similar changes. For example, AIB helps landlords make their buildings sustainable instead of deciding not to work with them because they are not sustainable.  

Katie shared that the EU CRSD is impacted by American economics and politics. Since the United States is such a competitive country, the EU changed which businesses must report their sustainability initiatives to remain competitive as well. 

John closed the meeting with remarks about AIB’s sustainability initiatives. AIB practices not only environmental sustainability, but also social sustainability to make society a better place. 

I found it interesting that there are so many different ways to report CSR and sustainability as a business. There are multiple certifications, accreditations, and rankings a business can use to measure CSR and sustainability. I also found it interesting that there are so many aspects of a business that can fall under scope 3 carbon emissions. 

My question is how do companies prioritize scope 3 emissions? There is no way to tackle every single thing that falls under scope 3, so I wonder how companies prioritize which ones to work on.

After meeting with Allied Irish Banks, I have a new perspective of what it should look like for a bank to not only be sustainable but also inclusive. I never thought it to be possible for a bank to implement sustainability practices that are both effective and authentic however, this visit proved me wrong. My main takeaway from this experience was the emphasis on measurements and authenticity. While we have delved into the importance of these aspects of sustainability, I was able to experience how integral these tactics are because they changed my opinion on the principles of AIB.

Each speaker consistently relied on data and numbers to highlight the value and importance of sustainability efforts within the company, even though it is a bank whose main focus is not on environmental conservation or social activism. This enabled me to back their initiatives and trust the decisions they are making to benefit both people and the planet. Seeing how analyzing this data shifted my perception of the company highlighted the importance of clearly communicating metrics and alignment, not just to make sustainable choices, but also to engage consumers in supporting those decisions.

I thoroughly enjoyed this visit and actually getting to see what Corporate Social responsibility looks like from within. I look forward to using measurements in the further to amplify support and to push for the right decisions.