PNC pledges $20bn in environmental finance over five years

It will provide financing for green buildings, renewable energy, clean transportation and environmental sustainability-linked bonds and loans

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The PNC Financial Services Group has pledged to invest $20 billion (£14.6bn) over five years in support of environmental finance.

It will provide financing for green buildings that meet third party-recognised standards or certifications, including LEED and ENERGY STAR and renewable energy production and transmission, including wind, solar and geothermal.

In addition, it will support zero and low emission vehicles and electric vehicle (EV) charging stations as well as environmental sustainability-linked bonds and loans.

Last year, PNC established a sustainable finance practice, which is focused on counselling clients through their own climate transition strategies, goals and approaches and offers support with sustainable debt issuances and sustainability-linked loans.

Richard Bynum, Chief Corporate Responsibility Officer said: “PNC recognises that environmental issues, including climate change, are impacting our business, our clients and the communities in which we operate.

“We acknowledge that the transition to a low carbon economy presents both risks and opportunities and we are committed to balancing financial priorities, responsible risk management and environmental considerations in ways that benefit our varied stakeholders.”