PNC Financial Services Group announced the expansion of its environmental finance commitment to $30 billion. The bank initially announced in August 2021 a commitment of $20 billion over five years in support of environmental finance. Since then, PNC has completed $9 billion in environmental financing for its customers.
This commitment is an extension of PNC’s ongoing support for its customers as they transition to a low-carbon economy, and is complementary to the bank’s community benefits plan, which pledges $88 billion in loans, investments, and other financial support to bolster economic opportunity for low- and moderate-income (LMI) individuals and communities, people and communities of color and other underserved individuals and communities.
“PNC continuously assesses ways in which we, as a financial institution, can support our clients’ ambitions as they work toward their own climate transition goals,” Michael P. Lyons, head of corporate & institutional banking at PNC Financial Services, said. “The expansion of our environmental finance commitment is a natural next step as client demand increases.”
The $30 billion environmental finance goal is comprised of the following pillars:
- Green Buildings – loans for buildings that meet third party-recognized standards or certifications, including LEED and ENERGY STAR.
- Renewable Energy – financing for renewable energy production and transmission, including wind, solar, geothermal and hydropower.
- Clean Transportation – financing for zero and low emissions vehicles, electric vehicle charging stations, and zero and low emissions passenger or freight/rolling stock.
- Environmental sustainability-linked bonds and loans which align to third-party frameworks such as the Green Bond Principles, and loans linked to environmental Key Performance Indicators (KPIs) or those with designated environmentally sustainable use of proceeds.