PNC Financial Services
The Tower at PNC Plaza
300 Fifth Avenue Pittsburgh
Fax: +1 412 762-7829
- #71 America’s Most Responsible Companies, Newsweek (2020)
- Scored 100% on Disability Equality Index, Best Places to Work (2020)
- Best place to work for LGBTQ community, Human Rights Campaign (2020)
- Top Veteran-Friendly Supplier Diversity Programs, U.S. Veterans magazine (2020)
- Included on Bloomberg’s ‘Gender-Equality Index’ (2020)
- Included on National LGBT Chamber of Commerce’s ‘Best-of-the-Best Corporation for Inclusion’ (2017)
- Included on Barron’s 100 ‘Most Sustainable Companies’ (2020)
Managing Director & Head of Sustainable Finance
Kristi Ziegler Eberhardt
- U.S. Best Bank, Euromoney Awards for Excellence (2020)
- Employer of the Year, Disability:IN (2019)
- Platinum PR Award (2018)
- Public Relations Society of America with a “Silver Anvil Award of Excellence” (2018)
Report created by Aastha Srivastava
PNC Financial Services
PNC Financial Services provides services on a scale from individual customers to large corporations and governing bodies. PNC Financial Services is a subsidiary of PNC bank and has close to 2,300 branches across the USA. PNC provides retail banking, asset management, lending and loan services.
With regards to retail banking, PNC serves around 9million customers and small businesses. PNC’s Asset Management Group caters to higher profiles and larger individuals and companies.
PNC prides themselves on their corporate values on customer focus, diversity and inclusion, integrity, performance, quality of life, respect and teamwork.
Company Sustainability Activity
With regards to company sustainability, PNC focuses on the relationship between climate change and sustainable finance. Paying specific attention to their use and implementation of Green Bonds.
While PNC does not have a specific sustainability report, they published a Corporate Social Responsibility Report in 2020. In 2020, PNC named Richard K. Bynum as their Chief Corporate Social Responsibility Officer. This demonstrates a potential progress towards further sustainability through the assignment of a specific role that relates to the balance of corporate value and sustainable engagement.
PNC plans to publish their own ‘Task Force on Climate-related Financial Disclosure’ report, that is relevant to PNC’s own internal operations, their risk management strategies and how these relate to climate change.PNC issued their first Green Bond in 2019, through the adoption of the 2016 Green Bond Principles. This inaugural green bond was worth US $650,000,000.
- PNC notes their Sustainable Finance Pillars to streamline their sustainability related management and operations. These pillars prioritise renewable energy, energy efficiency, green building, sustainable transportation, waste management and pollution control, water quality, water conservation and finally, air quality.
- PNC’s Green Bond Framework aligns and is guided by the Green Bond Principles of the International Capital Market Association.
- In May 2019 PNC set a goal to achieve 100% renewable energy use by 2025
- Reduce water consumption by 50% by 2035
- Reduce carbon emissions by 75% by 2035
Hope to achieve this through:
- Employee education and engagement
- Green and intelligent buildings
- Advanced machine learning techniques of energy data
- PNC has reduced its carbon emissions by 48% since 2009
- 33% water reduction since 2009
- 56% less carbon emissions
- 42% energy reduction
- Invested $28 billion in sustainable finance since 2016
PNC met these goals through:
- Green building initiatives
- Updated lighting
- HVAC (Heating, ventilation, and air conditioning) improvements
- Extensive analysis of energy data using traditional analytics techniques
UN Sustainable Development Goals
UN SDGs Compliance
The Impakter Index team aligns current company-wide sustainability initiatives with the UN Sustainable Development Goals in the following section.
PNCs CSR report directs you to the corporate responsibility website for information between the relationship on the SDGs, but this website does not reference them once.
SDG 7: Affordable and Clean Energy
- PNC does make use of third-party assessments. Sustainalytics has since determined that PNCs Green Bonds will continue to fund renewable energy, energy efficiency and green building.
- These align with SDG 7 and SDG 11 of the UNs Sustainable Development Goals, Affordable and Clean Energy and Sustainable Cities and Communities respectively.
SDG 11: Sustainable Cities and Communities
- The building of the largest corporate green building, PNC’s ‘Firstside Centre’ also aligns with SDG 11 but isn’t clearly elaborated upon.
PNC has clearly taken steps to make its operations and investments more sustainable. Specifically, it has been investing about $36 billion in sustainable finance since 2016.
PNC claims to align itself with the Sustainable Development Goals and yet this is not demonstrated through their published reports.
PNCs use of third party labelling is positive and their achievement of the LEED certificates is also notable but the lack of explanation, detail and transparency with regards to their working towards achieving the Sustainable Development Goals and even bettering and altering their own operations is severely lacking.
Moreover, the bank’s ESG goals are not always clear and measurable.
Therefore, this company has been rated a C.
Analyst Outlook: Neutral
Since PNC skims over and does not analyse their relationship with the Sustainable Development Goals and nor do they refer to them in their CSR report, it is clear that their progress, goals and targets can be described as somewhat performative.
Having said that, the numerical nature of PNC’s goals and targets does make it easy for the reader to follow and understand the steps they have taken.
However, PNC’s progress has been somewhat demonstrated through their creation of the largest corporate green building. Situated in Pittsburgh, Pennsylvania the Firstside Centre makes use of an energy-efficient design, sustainable waste management and massively reduced water usage.