PITTSBURGH, Nov. 1, 2019 /PRNewswire/ -- The PNC
Financial Services Group, Inc. (NYSE: PNC) announced today 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 recognize 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."
"We are proud to issue our first green bond and contribute to
the development of this important market," said Randall King, executive vice president and PNC
Treasurer.
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 leading 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.
To learn more about PNC's Green Bond, visit the Green Bond page
within the Corporate Social Responsibility section of PNC's
corporate website.
This offering was made only by means of a prospectus supplement
and an accompanying prospectus filed as part of an effective shelf
registration statement filed with the Securities and Exchange
Commission on Form S-3.
Copies of the prospectus supplement and the accompanying
prospectus relating to this offering may be obtained by calling PNC
Capital Markets LLC at 1-855-881-0697 or J.P. Morgan Securities LLC
at 1-212-843-4533.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or
jurisdiction.
The PNC Financial Services Group, Inc. is one of the largest
diversified financial services institutions in the United States, organized around its
customers and communities for strong relationships and local
delivery of retail and business banking including a full range of
lending products; specialized services for corporations and
government entities, including corporate banking, real estate
finance and asset-based lending; wealth management and asset
management. For information about PNC, visit www.pnc.com.
CONTACTS:
MEDIA:
PNC Media Relations
(412)
762-4550
media.relations@pnc.com
INVESTORS:
Bryan Gill
(412) 768-4143
investor.relations@pnc.com
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SOURCE PNC Financial Services Group, Inc.