(Credit: PNC Bank)PNC Financial Services Group, Inc. (NYSE: PNC) has increased its environmental finance commitment to $30 billion, an increase of $10 billion since its announcement in August of 2021.
The pledge is an extension of PNC's ongoing support for its customers as they transition to a low-carbon economy, and it reinforces the bank's Community Benefits Plan, which pledges $88 billion in loans, investments, and other financial support to increase economic opportunity for low- and moderate-income (LMI) individuals and communities, people and communities of color, and other underserved individuals and communities.
The $30 billion environmental financing objective is based on the following pillars, which may change over time:
"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 Michael P. Lyons, head of Corporate & Institutional Banking. "The expansion of our environmental finance commitment is a natural next step as client demand increases."
The company intends to develop new, ambitious, science-aligned environmental targets for its operating footprint as a result of its recent integration of BBVA USA's footprint, including further decreasing carbon emissions, energy, and water consumption. These new targets will be announced as part of PNC's Corporate Responsibility Report, releasing later this year.
