PNC Financial Services Group, Inc. has increased its environmental finance commitment to $30 billion. The bank initially announced a commitment of $20 billion over five years in support of environmental finance in August 2021. PNC has completed $9 billion in environmental financing for its customers since then.
This commitment extends PNC’s ongoing support for its customers as they transition to a low-carbon economy. It complements the bank’s Community Benefits Plan, which pledges $88 billion in loans, investments, and other financial support to increase economic opportunity for low- and moderate-income (LMI) individuals and communities, people of colour, and other underserved individuals and communities.
The $30 billion goal for environmental finance is made up of the following pillars, which may change over time:
- Green Buildings – loans for buildings that meet third-party standards or certifications, such as LEED and ENERGY STAR.
- Renewable energy financing includes wind, solar, geothermal, and hydropower production and transmission.
- Clean Transportation entails funding for zero and low-emission vehicles, electric vehicle charging stations, and zero and low-emission passenger or freight/rolling stock.
- Bonds and loans that are linked to environmental sustainability frameworks such as the Green Bond Principles, as well as loans related to environmental Key Performance Indicators (KPIs) or with designated environmentally sustainable use of proceeds.
PNC plans to establish new, ambitious, science-aligned environmental targets for its operational footprint due to its recent integration of BBVA USA’s footprint, including further reducing carbon emissions, energy and water consumption. These new targets will be announced as part of PNC’s Corporate Responsibility Report, published this year, with the base year of 2022 – the first full year of combined PNC and BBVA USA operations.
