Diversified financial services company PNC Financial Services Group announced today a new sustainable finance goal, pledging to facilitate $20 billion of environmental finance, supporting projects including green buildings, renewable energy and clean transportation.
Richard Bynum, PNC’s Chief Corporate Responsibility Officer, said:
“PNC recognizes that environmental issues, including climate change, are impacting our business, our clients and the communities in which we operate. 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.”
According to PNC, the new $20 billion initiative will include loans for buildings that meet third party-recognized standards or certifications such as LEED and ENERGY STAR, financing for renewable energy production from sources including wind, solar, geothermal, and hydropower, as well as for zero and low emissions vehicles, electric vehicle charging stations, and zero and low passenger or freight/rolling stock. 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.
The new commitment marks the next step in PNC’s increasing focus on sustainable finance, including the establishment of a dedicated practice last year, as well as a recent pledge from the bank to provide $88 billion in loans, investments, and other financial support to bolster economic opportunity for minorities and low- and moderate-income (LMI) individuals and communities.
Kristi Eberhardt, Managing Director & Head of Sustainable Finance at PNC, said:
“PNC continuously assesses ways in which we, as a financial institution, can accelerate the transition to a low-carbon economy. 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.”