Pittsburgh-based PNC Financial Services Group said it plans to expand its environmental finance commitment from $20 billion to $30 billion.
The bank first announced in August 2021 a commitment over five years to support environmental finance. Since then, PNC said it has completed $9 billion in environmental financing.
The bank said its commitment complements its Community Benefits Plan, which pledges $88 billion in loans, investments, and other financial support to bolster economic opportunity for low- and moderate-income individuals and communities.
The $30 billion environmental finance goal includes:
Green Buildings – loans for buildings that meet third party-recognized standards or certifications, including LEED and ENERGY STAR.
Renewable Energy – financing for renewable energy production and transmission, including wind, solar, geothermal and hydropower.
Clean Transportation – financing for zero and low emissions vehicles, electric vehicle charging stations, and zero and low emissions passenger or freight/rolling stock.
Environmental sustainability-linked bonds and loans which align to third-party frameworks such as the Green Bond Principles, and loans linked to environmental Key Performance Indicators or those with designated environmentally sustainable use of proceeds.