PNC Releases 2022 Corporate Responsibility Report Highlighting Efforts To Empower Prosperity for All Its Stakeholders

Rhea-AI Summary

PNC Financial Services Group has announced an expansion of its environmental finance commitment from $20 billion to $30 billion. This commitment aims to support clients' transition plans to a low-carbon economy through financing in renewable energy, green buildings, clean transportation, and sustainability-linked bonds and loans. PNC has also strengthened its strategy to manage its own environmental risks by integrating climate risk into its enterprise risk management framework and establishing a new climate risk committee.

NORTHAMPTON, MA / ACCESSWIRE / August 14, 2023 / The PNC Financial Services Group

For more than 170 years, PNC has been committed to improving the financial lives of the people we serve and the places they call home. While we've grown in size and capabilities, we've remained true to our main street values - doing business with integrity and respect, making our customers the center of all we do, focusing on teamwork and performance, nurturing and growing a talented, diverse and inclusive workforce and improving quality of life for all our stakeholders. Today, PNC is committed to delivering on these values coastto-coast through our main street bank model.

We continue to serve as trusted advisors, responding to client demand for support in the transition to a low-carbon economy with a strategic approach that has deepened our relationships with clients. As an extension of our ongoing support for our clients' transition plans, we expanded our environmental finance commitment announced in 2021 from $20 billion to $30 billion. This commitment mobilizes financing in renewable energy, green buildings, clean transportation, and sustainability-linked bonds and loans.

We've also made great strides in strengthening our strategy to manage our own environmental risks. We enhanced our approach to integrating climate risk into our overall enterprise risk management framework and established a new climate risk committee with a cross-functional group of impacted stakeholders. You can learn more about these efforts in this report and in our Taskforce on Climate-related Financial Disclosures progress update. From an operational standpoint, we're proud to announce new, ambitious environmental targets inclusive of our significantly expanded footprint as a result of the BBVA USA acquisition.

Also stemming from the acquisition of BBVA USA is our $88 billion Community Benefits Plan, which began on January 1, 2022. Through this plan, we pledged $47 billion in financing for residential mortgage and home equity lending, $26.5 billion in small business loans, $14.5 billion for community financing loans and investments, and an additional $500 million in charitable giving over a four-year period. One year into the plan, we've deployed $35.1 billion to bring this commitment to life. That's lending, investing and generational wealth-building that is empowering and transforming our communities. Building a more inclusive financial services system is important to us. It's why we focus on financial wellness, accessible banking services, expanded access to capital and enabling customers to move forward financially.

In the past year, we've made significant progress toward many of our goals and objectives and it is a testament to the strength and talent of the 61,000 teammates who bring our values, priorities and business to life in our communities in the country. Over the past year, PNC has:

• PNC partnered with Guild to give employees access to a catalog of tuition-covered professional certificates, college prep courses, and associate's and bachelor's degrees to help advance career mobility
• PNC Employees volunteered a total of 64,072 volunteer hours and earned $154,000 in volunteer grants in 2022
• The launch of our Minority Business Development Group and PNC Certified Minority Business Advocate (cMBA) program with 1,000 PNC employees earning cMBA certification
• We expanded our previous three-year, $1.257 million commitment to Coralus (formerly SheEO), by $220,000 and launched the new PNC Bank + Coralus Collective, a cohort of entrepreneurs and financial advisors collaborating for growth and success
• The expansion of PNC's PartnerUP program from the Pittsburgh market to serve all 30 high schools in the Cleveland Metro School district
• PNC Deployed $35.1 billion, nearly 40% of the total $88 billion CBP committed, deploying:
  • $25.1 billion to affordable homeownership (of $47 billion total commitment)
  • $5.2 billion to small business loans (of $26.5 billion total commitment)
  • $4.8 billion to community development lending and investments (of $14.5 billion total commitment)
  • $120.9 million in charitable giving (of $500 million total commitment)
  • $335.7 million with diverse suppliers (Tier 1 and Tier 2) exceeding our goal of increasing spending with diverse suppliers by a minimum of 20 percent
• We provided 1,000 financial education classes reaching more than 18,600 LMI individuals
• Saved our customers more than $425 million in overdraft and non-sufficient funds fees
• Increased our commitment to mobilize environmental financing from $20 billion to $30 billion
  • $9.1 Billion Environmental finance pledge committed (of $30B)
• Established new environmental targets inclusive of the BBVA USA footprint with a 2022 base year
• Enhanced PNC's data protection strategy, through the implementation of Data Vault, which is designed to maintain a cyber-resilient data storehouse that will enhance protection of critical PNC data and allow us to recover from cyber events

Media Contact
Kristen Pillitteri, SVP, Communications Director, Corporate Responsibility

Read More

View additional multimedia and more ESG storytelling from The PNC Financial Services Group on 3blmedia.com.

Contact Info:
Spokesperson: The PNC Financial Services Group
Website: https://www.3blmedia.com/profiles/pnc-financial-services-group
Email: info@3blmedia.com

SOURCE: The PNC Financial Services Group

View source version on accesswire.com:
https://www.accesswire.com/773981/PNC-Releases-2022-Corporate-Responsibility-Report-Highlighting-Efforts-To-Empower-Prosperity-for-All-Its-Stakeholders

FAQ

What is the expansion announced by PNC Financial Services Group?

PNC has expanded its environmental finance commitment from $20 billion to $30 billion.

What does PNC's environmental finance commitment aim to support?

PNC's commitment aims to support clients' transition plans to a low-carbon economy through financing in renewable energy, green buildings, clean transportation, and sustainability-linked bonds and loans.

How has PNC strengthened its strategy to manage its own environmental risks?

PNC has enhanced its approach to integrating climate risk into its overall enterprise risk management framework and established a new climate risk committee.