Second-Party Opinion Download

Project Details


PNC Financial Services Group Green Bond Second Party Opinion


PNC Financial Services Group

Project Type

Green Bond/Loan



Evaluation Date

Sep 2019

Evaluation Summary

Sustainalytics is of the opinion that the PNC Green Bond Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2018. This assessment is based on the following:


The eligible categories for the use of proceeds are aligned with those recognized by the Green Bond Principles. Sustainalytics considers that the eligible projects funded relating to Renewable Energy, Energy Efficiency and Green Buildings will lead to positive environmental impacts and advance the UN Sustainable Development Goals, particularly goals 7 and 11.


PNC has a dedicated Sustainable Finance Working Group (SFWG) which will act as the governance committee for project evaluation and selection. The Green Bond Approval Committee will approve eligible projects. This is in line with market practices.


PNC has established the Green Bond Asset Tracking Group which will track funds from PNC’s green bond issuance using its internal reporting system. All unallocated funds will be tracked by the Group and will be held in cash or cash equivalents. This is in line with market practice.


PNC will publish an annual Green Bond Report on its Green Bond webpage which will provide both quantitative and qualitative information about the use of proceeds categories such as description of projects, allocated and unallocated balances to each eligible category, and environmental KPIs including installed capacity, emission reductions, etc. Sustainalytics views PNC’s allocation and impact reporting as aligned with market practice.