PNC Financial Services Group announced the expansion of its environmental finance commitment to $30 billion. The bank initially announced in August 2021 a commitment of $20 billion over five years in support of environmental finance. Since then, PNC has completed $9 billion in environmental financing for its customers.
This commitment is an extension of PNC’s ongoing support for its customers as they transition to a low-carbon economy, and is complementary to the bank’s community benefits plan, which pledges $88 billion in loans, investments, and other financial support to bolster economic opportunity for low- and moderate-income (LMI) individuals and communities, people and communities of color and other underserved individuals and communities.
“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 P. Lyons, head of corporate & institutional banking at PNC Financial Services, said. “The expansion of our environmental finance commitment is a natural next step as client demand increases.”
The $30 billion environmental finance goal is comprised of the following pillars:
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