The PNC Financial Services Group (PNC) has announced the closing of its inaugural Green Bond issuance. The proceeds will fund eligible projects that promote a transition to a low-carbon economy and offer sustainability benefits across three categories aligned with the United Nations Sustainable Development Goals, including renewable energy, energy efficiency and green buildings.
"We recognise that environmental issues, including climate change, are impacting our business, our clients and our communities," said Mike Lyons, executive vice president and head of PNC's Corporate & Institutional Banking and Asset Management Group. "This green bond issuance is a natural progression of our efforts to balance financial priorities and environmental considerations in support of the transition to a low carbon economy."
PNC's Green Bond Framework supports the company's existing initiatives, and represents an opportunity to increase support for a future low-carbon economy. Sustainalytics, a global independent provider of ESG and corporate governance research and ratings, has reviewed and verified that PNC's Green Bond Framework is consistent with the current Green Bond Principles, as published by the International Capital Market Association, of which PNC is a signatory.
Providing financing and underwriting debt with a sustainability focus is only one way PNC demonstrates its commitment to environmental stewardship. In addition, the company maintains risk management controls which incorporate climate change considerations, manages capital for its clients in responsible ways and actively manages its own internal operations.
In 2000 the company opened PNC Firstside Center, which was then the world's largest LEED-certified building. In 2017 - after meeting several of its 2020 environmental targets ahead of schedule - the company set more ambitious 2035 targets, specifically to reduce its carbon emissions and energy consumption by 75% and its water consumption by 50%. PNC is also a member of RE100, committing to 100% renewable energy by 2025.
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