Pittsburgh-based PNC Financial Services Group said it will commit $20 billion over five years to support environmental finance, including solar, clean transportation, and green buildings, among other sectors.
The $20 billion 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 solar, wind, geothermal and hydropower.
- Clean Transportation – financing for zero and low emissions vehicles, electric vehicle charging stations, and zero and low 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 (KPIs) or those with designated environmentally sustainable use of proceeds.
In 2020, PNC set up a sustainable finance practice. It works across lines of business at the bank to structure loans and debt issuances that incorporate preferential pricing tied to sustainability key performance indicators, both those with environmental benefits and social benefits.
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