Pittsburgh-based PNC Financial Services Group, Inc. announced Wednesday that it is committing $20 billion to support environmental finance over the next five years.
Part of the bank’s longstanding commitment to accelerating a transition to a low-carbon economy, the pledge is a compliment to the bank’s Community Benefits Plan, an $88 billion pledge of loans, investment, and other financial support to bolster economic opportunities for low- and moderate-income individuals and communities, as well as people and communities of color, and other underserved 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.”
The environmental finance goals include financing for green buildings, renewable energy projects, clean transportation projects, and environmental sustainability-linked bonds and loans.
In 2020, PNC established a sustainable finance practice and appointed Kristi Eberhardt as head of sustainable finance. The practice focuses on counseling clients through their own climate transition strategies, goals, and approaches while supporting sustainable debt issuances and sustainability-linked loans.
“PNC continuously assesses ways in which we, as a financial institution, can accelerate the transition to a low-carbon economy,” said 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.”