PNC Financial Services Group announced today a commitment to facilitate $30 billion of environmental finance, significantly increasing prior target of $20 billion over 5 years.
PNC announced its initial goal in August 2021, supporting projects including green buildings, renewable energy and clean transportation. PNC revealed that since establishing its goal, it has already completed $9 billion in environmental financing for its customers.
The upsized $30 billion initiative includes loans for green buildings that meet third party-recognized standards or certifications such as LEED and ENERGY STAR, financing for renewable energy production and transmission, including wind, solar, geothermal and hydropower and for clean transportation such as zero and low emissions vehicles and rolling stock, and electric vehicle charging stations. Additionally, PNC will provide environmental sustainability-linked bonds and loans, with terms tied to achievement of key environmental performance indicators, or for projects with designated environmentally sustainable use of proceeds.
In addition to its new sustainable finance goal, PNC said that it will set science-based environmental targets for its operational footprint, covering emissions reduction, and energy and water consumption, later this year.
Michael P. Lyons, head of Corporate & Institutional Banking, said:
“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. The expansion of our environmental finance commitment is a natural next step as client demand increases.”