PNC increases environmental finance commitment 50% to $30B

PITTSBURGH — PNC is upping its environmental finance commitment to $30 billion, a 50% increase.

The Pittsburgh-based bank on Wednesday said it has completed $9 billion in environmental financing to customers since it originally announced a $20 billion five-year commitment in August 2021.

PNC Financial Services Group Inc. (NYSE:PNC) said the expanded commitment is an extension of its support for customers transitioning to a low-carbon economy and complements its $88 billion Community Benefits Plan.

“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, said in a prepared statement. “The expansion of our environmental finance commitment is a natural next step as client demand increases.”

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