The PNC Financial Services Group Inc. (NYSE: PNC) is committing $20 billion over five years in support of environmental finance. The commitment will inform its choice of lending and financing activities.
Green buildings, renewable energy and clean transportation will be among the areas of investment, as well as bonds and loans linked to environmental sustainability. The latter will align to third-party frameworks such as the Green Bond Principles.
PNC announced the move in mid-August.
The commitment is an extension of PNC’s longstanding support for accelerating the transition to a low-carbon economy, and is complementary to the bank’s recently announced Community Benefits Plan, which pledges $88 billion in loans, investments and other financial support to bolster economic opportunity for low- and moderate-income individuals and communities, people and communities of color, as well as other underserved individuals and communities.
“PNC recognizes that environmental issues, including climate change, are impacting our business, our clients and the communities in which we operate,” said Chief Corporate Responsibility Officer Richard Bynum. “We acknowledge that the transition to a low-carbon economy presents both risks and opportunities, and we are committed to balancing financial priorities, responsible risk management and environmental considerations in ways that benefit our varied stakeholders.”
“PNC continuously assesses ways in which we, as a financial institution, can accelerate the transition to a low-carbon economy,” said PNC’s head of sustainable finance, Kristi Eberhardt.
“Launching a sustainable finance practice was a logical step in advancing our environmental, social and governance goals and leveraging our expertise to help our clients meet theirs. We’re excited to help more businesses grow in sustainable ways that benefit our environment and our society.”