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PNC Issues Corporate Responsibility, Taskforce on Climate Related Financial Disclosure Reports

By: 3BL Media

August 26, 2021 at 04:00 AM EDT

SOURCE: 3BL Alerts

DESCRIPTION:

PNC’s 2020 Corporate Responsibility (CR) Report, What Makes Us Different Makes Us Stronger, is now available on pnc.com/csr, as is the company’s inaugural Taskforce for Climate-related Financial Disclosures (TCFD) Report. The CR Report highlights how PNC has delivered on its strong values and supported the needs of key stakeholders during a pandemic, economic crisis and widespread social unrest.

“As we continue to manage through the impacts of 2020 … I am grateful for and inspired by how much we have accomplished as a company. While PNC has always looked out for the best interests of our stakeholders, we stepped up to last year's crises in new and impactful ways," CEO Bill Demchak said.

As a Main Street bank, PNC recognizes that its success is directly proportional to the success of those the bank serves. To that end, PNC is committed to leveraging the power of its resources to help all move forward financially. This includes helping to make a positive difference for its customers, communities, employees and shareholders.

Highlights of the 2020 report include:

Creating Impact for Customers

Funded $13.7 billion in Paycheck Protection Program loans
Extended nearly $10 billion of credit to corporate and institutional borrowers
Provided relief to more than 300,000 consumers and small businesses through loan extensions, deferrals, partial payments and forbearance across home lending, auto, credit card, education and small business services
Halted consumer real estate foreclosures
Launched Virtual Wallet Checking Pro

Creating Impact for Communities

Announced $88 billion community benefits plan, including $47 billion in home lending, $26.5 billion in small business lending and $14.5 billion in community development financing
Launched Low Cash Mode to give Virtual Wallet customers more control over their finances
Committed $1 billion to help end systemic racism and support economic empowerment of Black Americans and low- to moderate-income communities
Granted $19 million to organizations supporting high-quality early childhood education
Committed $30 million to support communities' responses to COVID-19

Creating Impact for Employees

Launched Listen, Learn, Act initiative to help drive diversity and inclusion efforts
Recognized by the Human Rights Campaign as a Best Place to Work for LGBTQ Equality for the ninth consecutive year
Scored 100% on Disability Equality Index
Responded quickly to adapt health, safety and well-being guidelines for employees during COVID-19

Creating Impact for Investors

Included on Barron's list of 100 most sustainable companies
More than $36 billion in sustainable financing since 2016
$3.4 billion in responsible investing assets under management
Publication of first TCFD Report

Moving forward

“As we move forward, we remain committed to being as transparent as possible and using what we learn to better look after our business, our employees, our clients, our communities and our environment. I'm proud of our progress and am aware that the road ahead of us remains long. We'll continue to need your help with understanding and responding to the important environmental, social and corporate governance and business issues that lie before us," Bill said.

Please visit www.pnc.com/csr for more information.

For media inquiries, please call 412-762-4550 or email media.relations@pnc.com.

Read the Report

Tweet me: .@PNCBank issues its Corporate Responsibility Report as well as the company’s inaugural Taskforce for Climate-related Financial Disclosures Report. See how PNC delivered on its strong values in 2020: https://bit.ly/3gvZvf7 via @ReportAlert

KEYWORDS: PNC Bank, ReportAlert