PNC Continues to Advance Its Commitment to
Corporate Social Responsibility
PNC’s 2016 Corporate Social Responsibility report highlights the bank’s progress in addressing key sustainability issues.
Similar to a community’s “Main Street,” PNC helps its people, cities, neighborhoods and local businesses. As a Main Street bank, PNC is committed to delivering on each of its strategic priorities while looking out for the best interests of all stakeholders, including customers, communities, employees and shareholders.
PNC’s focus on operating with integrity drives the company to help customers achieve their goals while also strengthening its communities, reducing its environmental impact and empowering employees to grow.
Our Commitment, at a Glance
This commitment, which is reflected throughout PNC’s 2016 Corporate Social Responsibility report, can be found across all areas and levels of the organization:
PNC recognizes environmental issues are changing and businesses must adapt. For example, PNC no longer lends to coal producers with anything more than a minimal exposure to mountaintop removal mining. The company also prohibits construction financing of single-site coal-fired power plants that lack the most advanced environmental control processes.
In 2016 PNC also enhanced environmental and social risk management by introducing a human rights due diligence process. The process focuses on select industries with operations that can significantly impact local communities and their residents. It helps to assess clients’ commitment and capability to support human rights, further aligning PNC’s lending practices with the company’s commitment to corporate social responsibility.
“As PNC has enhanced its environmental lending due diligence, we’ve noticed more companies in environmentally sensitive businesses improving their own business practices,” said Mike Lyons, head of Corporate and Institutional Banking. “We must keep our finger on the pulse of what is happening in the industry, specifically as it pertains to sustainability trends, stakeholder needs and potential new risks.”
2. Sustainable Operations & Finance
PNC is working to reduce energy and water consumption, as well as carbon emissions by 30 percent by 2020 as part of its commitment to environmental responsibility. PNC also supports the transition to a low-carbon economy by helping clients finance environmentally beneficial activities. In 2015 and 2016, PNC's sustainable financing totaled more than $5 billion, supporting renewable energy, energy efficiency, mass transit and green construction.
Below are other examples of PNC’s environmentally-friendly business practices:
Net-Zero Energy Branch
PNC has 155 ENERGY STAR-certified buildings and more than 280 LEED certified projects, including more newly-constructed LEED certified buildings than any company in the world. In addition to helping the company reduce its energy and water consumption, and related costs, these buildings reduce the company’s impact on local infrastructure and serve as healthy workplaces for thousands of employees.
Among these LEED certified projects is PNC’s net-zero energy branch in Fort Lauderdale, Fla., which in 2016 was recognized with the International Living Future Institute’s Net-Zero Energy Certification. In just one year, this branch – the 16th building and first retail location in the world to earn this recognition – generated enough electricity to power seven homes for a year.
One of the largest components of PNC’s sustainable finance efforts is underwriting municipal bonds that drive greater efficiency and pollution control. This includes both traditional bonds and designated “green bonds.” In 2016, PNC became a signatory to the Green Bond Principles, guidelines managed by the International Capital Markets Association that prescribe best practices for underwriting and issuing green bonds.
PNC Asset Management Group manages a Responsible Investing platform. Customers can choose investment strategies that consider financial returns as well as environmental, social and governance impacts.
3. Diversity & Inclusion
Diversity differentiates an organization and leads to greater innovation. PNC CEO Bill Demchak understands this because he has experienced it himself. “It is my very strong belief that if we assemble the best team, it will be diverse in terms of skills and experience. And in the process, it will be diverse by age, gender, ethnicity and other factors. Diversity is an outcome of assembling the best team, not a goal in itself.”
Marsha Jones, chief diversity officer, explains, “Our program, which looks at diversity from a workforce, workplace and marketplace perspective, has helped enhance collaboration among business partners and identify opportunities for growth.”
PNC supports the following inclusive practices, among others:
Women & Minority-Owned Business
PNC provides training, services and products that help small business owners succeed.
“It is now more important than ever before to focus on the diverse segments of our customer base,” said Jones. “While we already are seeing significant growth in this area, I expect it to become an increasingly important part of our business.”
PNC was included in the 2017 Bloomberg Financial Services Gender-Equality Index, which recognizes companies for their employee policies, gender-conscious product offerings and community support.
4. Grow Up Great
PNC is committed to engaging with nonprofits to enhance educational opportunities, specifically through Grow Up Great, a $350 million initiative created in 2004 to help prepare children from birth to age 5 for success in school and life. To date, Grow Up Great has benefitted nearly 3 million children.
As part of this commitment, PNC encourages employees to get involved with Grow Up Great by offering paid time off for their volunteerism. Since 2004, employees have logged more than 650,000 volunteer hours and donated more than $5.2 million in Grants for Great Hours, which allows PNC employees volunteering at least 40 hours over a 12-month period at a qualified, early education nonprofit, to donate a $1,000 grant to that nonprofit.
Learn more about PNC’s Environmental and Social Risk Management program »
Karen Larrimer is PNC’s chief customer officer
Our greatest opportunity is to grow our capabilities that allow customers to address more of their banking needs through mobile or online banking, to secure a loan within hours and to receive investing advice in a digital environment.
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