PNC Financial Services Group Inc. will commit $30 billion for environmental financing — $10 billion more than it initially pledged in August 2021, the company said in a Jan. 11 press release.
PNC, which has about $10 billion in capital committed to oil and gas investments, has increased its commitments in the environmental space — a fact some activists groups have used to attack the capital provider.
Since its initial environmental financing announcement, PNC has committed $9 billion in such funds to its customers. The expansion emphasizes the bank’s commitment to help customers transition to a low-carbon economy, the release said.
The $30 billion is earmarked to finance green buildings meeting third party-recognized standards, such as LEED and Energy Star; renewable energy, such as wind and solar; clean transportation involving low emissions vehicles, electric vehicle charging stations and low emissions passenger transportation; and environmental sustainability-linked bonds and loans meeting third-party frameworks and key performance indicators, as well as environmentally sustainable use of proceeds.
PNC is also planning to announce new environmental targets for its operations in its corporate responsibility report following its recent integration of BBVA USA operations in 2022.
In April 2021, PNC announced its community benefits plan to allocate $88 billion of financial support to low- and moderate-income communities over a four-year period beginning Jan. 1, 2022. PNC said in the release that the $30 billion fund is complementary to the financial support outlined in this plan.
The Bank: Green- and ESG-based Lending