As the scope and pace of climate-related impacts accelerates, PNC is committed to accelerating and enhancing its own commitments, disclosures and strategies to better meet the needs of a changing world while supporting its employees, clients, shareholders and the communities it serves. PNC is committed to taking action right now on those areas it can control, and to laying a solid foundation for the work that is still to come.
The bank’s “4+1” Climate Action strategy highlights four areas for immediate action – engaging employees, collaborating for long-term solutions, understanding and supporting the transition plans of customers and executing its own ambitious operational sustainability goals.
The strategy also includes the foundational work necessary to begin aligning its portfolio with the goals of the Paris climate agreement. Initial steps in this “+1” category include calculating and disclosing its financed emissions and integrating climate risk into its Enterprise Risk Management Framework as an amplifier across all risk areas.
“Complex problems require collaboration and commitment, and climate change is an area where we all need to work together to get to where we need to be,” says Lora Phillips, senior vice president and director of Environmental, Social and Governance at PNC. “The climate crisis requires PNC – and all institutions, from governments to corporations to NGOs (nongovernmental organizations) and beyond – to work together to apply their expertise and resources in ways that can truly move the needle.”
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