The PNC Financial Services Group, a diversified financial services group, recently announced it has increased its environmental finance commitment by $10 billion over five years to $30 billion.
The financing helps customers transition to a low-carbon economy. The company will provide financing for buildings that meet third-party-recognized standards or certifications, such as LEED and ENERGY STAR; zero and low-emissions vehicles, electric-vehicle charging stations, and zero and low-emissions passenger or freight/rolling stock; renewable energy production and transmission; loans linked to environmental Key Performance Indicators or those with designated environmentally sustainable use of proceeds; and sustainability-linked bonds and loans which align to third-party frameworks.
Since August 2021, PNC has completed $9 billion in environmental financing for its customers.
“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,” Michael P. Lyons, head of Corporate & Institutional Banking, said. “The expansion of our environmental finance commitment is a natural next step as client demand increases.”
This commitment also compliments PNC’s Community Benefits Plan, which pledges $88 billion in loans, investments, and other financial support for people and communities of color, low- and moderate-income individuals and communities, and other underserved individuals and communities.