PNC Expands Financing for Environmental Efforts
PITTSBURGH, Pa. – PNC Financial Services Group announced Wednesday the company will expand efforts to support environmental finance.
In August 2021, Pittsburgh-based PNC had announced a commitment to finance $20 billion in environmental projects over five years. Since then, PNC has completed $9 billion in environmental financing for its customers.
Now PNC has announced it will increase the commitment to $30 billion.
“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,” said Michal P. Lyons, head of corporate and institutional banking at PNC. “The expansion of our environmental finance commitment is a natural next step as client demand increases.”
The $30 billion can be accessed as loans for green buildings that meet third-party-recognized standards or certifications, including LEED and Energy Star. Additionally, the financing is available for renewable energy production and transmission, including wind, solar, geothermal and hydropower.
Further financing is available for zero and low emissions vehicles, electric vehicle charging stations and zero and low emissions passenger or freight stock.
Finally, the money can be accessed as environmental sustainability-linked bonds and loans, aligned to third-party frameworks such as the Green Bond Principles and environmental Key Performance Indicators.
These commitments are 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 individuals and communities, those of color and those underserved, a news release states.
PNC also began establishing science-aligned environmental targets for its own operational footprint, further reducing carbon emissions, as well as energy and water consumption with a report expected to be published this year.
Published by The Business Journal, Youngstown, Ohio.