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Where Banks Don’t Lend
In Chicago, lenders have invested more in a single white neighborhood than all the black neighborhoods combined. Call it modern-day redlining.
PNCUnited States
Created before Nov 2016
Last update: 2016-06-30 15:45:32
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About PNC
PNC Bank NA. is the principal subsidiary of the PNC Financial Services Group, Inc. Based in Pittsburgh, Pennsylvania. PNC operations include a regional banking franchise operating primarily in fifteen states and the District of Colombia, specialized financial business serving companies and government entities, and leading asset management and processing businesses. PNC is the sixth largest bank by deposits in the United States and is the third lagest off-premise ATM provider.
| Website | https://www.pnc.com/ |
| Headquarters |
249 Fifth Avenue, One PNC Plaza
PA 15222 Pittsburgh
United States
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| CEO/chair |
William S. Demchak Chairman and CEO |
| Supervisor | |
| Annual report | CSR Report 2016 |
| Ownership |
listed on NYSE Euronext
Publicly traded PNC owns around 21 per cent of the shares in Black Rock (the world's largest publicly traded asset management firm) |
Related Dodgy Deals
PNC has been linked to the following "Dodgy Deals", e.g. as a current or past financier or through an expression of interest. Find out more about dodgy deals here. See the project or company profile for more details on the nature of the bank's link to the Dodgy Deal.
Projects - active profiles
Annova LNG Terminal United States profile
Atlantic Coast Pipeline United States profile
Mountain Valley Pipeline United States profile
There are no active projects for PNC now.
Projects - on record profiles
Mountain top removal coal mining United States profile
Dodgy Deals map
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On record profiles
Policy Assessments
Banks, climate and energy
Bank policy score on coal financing
BankLast update
Country
Details
Laggard
Follower
Front runner
Leader
PNC Bank
2020-03-01
USA
8.5
8.5
0
Explanation
For both coal mining and coal power, 32 possible policy points can be obtained, while for other coal,16 possible policy points can be obtained. So a bank can obtain a total of 80 policy points for its coal policies. Based on this score banks are then classified as laggards (0-20 points), followers (20.5-40 points), front runners (40.5-60 points) or leaders (60.5-80 points).
For more details see this page.
Bank policy score on coal power
BankLast update
Country
Details
Laggard
Follower
Front runner
Leader
PNC Bank
2020-03-01
USA
6
6
0
Explanation
The point-based policy ranking assesses bank policies in four ways:
1) Restriction on direct financing for coal power projects.
- None (0), weak exclusion (2), moderate exclusion (4), strong exclusion (6)
2) Restriction on financing for companies that expand coal power.
- None (0), weak exclusion (4), strong exclusion (8)
3) The bank’s commitment to phase-out financing for coal power.
- None (0), proportional reduction (1), exposure reduction (1.5), financing reduction (3), weak phase-out (4), moderate phase-out (6), strong phase-out (8)
4) The bank’s commitment to exclude companies active in coal power above a certain threshold.
- None (0), enhanced due diligence (0.5), weak exclusion threshold (3), moderate exclusion threshold (5), strong exclusion threshold (8), full exclusion (10)
A bank can obtain a total of 32 policy points for its coal power policy. Based on this score banks are then classified as laggards (0-8 points), followers (8.5-16 points), front runners (16.5-24 points) or leaders (24.5-32 points).
For more details see this page.
Bank policy score on coal mining
BankLast update
Country
Details
Laggard
Follower
Front runner
Leader
PNC Bank
2020-03-01
USA
2
2
0
Explanation
The point-based policy ranking assesses bank policies in four ways:
1) Restriction on direct financing for coal mining projects.
- None (0), mountaintop removal mining exclusion (0.5), weak exclusion (2), moderate exclusion (4), strong exclusion (6)
2) Restriction on financing for companies that expand coal mining.
- None (0), weak exclusion (4), strong exclusion (8)
3) The bank’s commitment to phase-out financing for coal mining.
- None (0), exposure reduction (1.5), financing reduction (3), weak phase-out (4), moderate phase-out (6), strong phase-out (8)
4) The bank’s commitment to exclude companies active in coal mining above a certain threshold.
- None (0), enhanced due diligence (0.5), weak exclusion threshold (3), moderate exclusion threshold (5), strong exclusion threshold (8), full exclusion (10)
A bank can obtain a total of 32 policy points for its coal mining policy. Based on this score banks are then classified as laggards (0-8 points), followers (8.5-16 points), front runners (16.5-24 points) or leaders (24.5-32 points).
For more details see this page.
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PNC demonstrations
Policies
Voluntary initiatives
PNC has committed itself to the following voluntary standards:Investment policies
The corporate social responsibility report (below) of PNC Financial Services Group makes mention of the development of a mountain top removal policy in 2010, which was subsequently enhanced in 2014. Under the policy PNC will not extend credit to individual mining projects or to coal producers with 25 per cent or more of their production coming from MTR mining.
The same document makes mention of an extended due diligence procedure for the coals & minerals industry, electric & gas utilities and the oil & gas industry.
PNC also plans to to adopt a formal policy that prohibits construction financing of single coal-fired power plants, which lack the most advanced environmental control processes, such as carbon sequestration.
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