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

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.