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Last update: 2016-06-30 15:45:32
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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.
249 Fifth Avenue, One PNC Plaza
PA 15222 Pittsburgh
William S. Demchak |
Chairman and CEO
|Annual report||CSR Report 2016|
listed on NYSE Euronext
PNC owns around 21 per cent of the shares in Black Rock (the world's largest publicly traded asset management firm)
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Banks, climate and energy
Bank policy score on coal financing
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).
Bank policy score on coal mining
Total: 2 points out of 32
1.5 points for the commitment to reduce exposure to coal mining companies: PNC states that "over the last few years, we have gradually reduced our lending to coal mining companies."
0.5 point for enhanced due diligence regarding coal mining companies: PNC conducts enhanced due diligence for coal mining companies, and prohibits "new lending to coal producers with anything more than a de minimis exposure to mountaintop removal mining."
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).
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Voluntary initiativesPNC has committed itself to the following voluntary standards:
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.