PNC Financial Services Group has increased its environmental financing commitment to $30 billion as part of its ongoing support of clients transitioning to a low-carbon economy.
The pledge is a $10 billion boost from PNC’s initial commitment in August 2021 to provide $20 billion in environmental loans by 2025. As of today, the Pittsburgh-based bank has finalized $9 billion in environmental financing, according to a company release.
The money will be used to finance “green” buildings that meet third-party standardization with renewable energy such as wind, solar, geothermal and hydropower; zero- and low-emissions vehicles; EV charging stations; zero- and low-emissions passenger or freight transportation; and sustainability-linked bonds, according to the release.
“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 Lyons, head of corporate and institutional banking at PNC, said in a statement.
New science-aligned environmental targets will be shared as part of the bank’s upcoming 2023 Corporate Responsibility Report following the completion of the first full year of combined PNC and BBVA USA operations, according to a company release. The exact date of the report has yet to be announced.
The $30 billion commitment is an extension of the bank’s Community Benefits Plan, which pledges $88 billion in loans, investments and other financial support for underserved communities.
PNC was the eighth-largest equipment lender at year–end 2021 with $16.4 billion in assets, according to the Monitor 100. Pittsburgh, PA-based PNC originated $5.7 billion in new business volume in 2021.
This story first appeared on Auto Finance News, a publication of Royal Media.