PNC Financial, a leading financial institution, is dedicated to reduce emissions as part of its commitment to environmental sustainability and the company aims to source 100% renewable purchased electricity by 2025. This commitment aligns with PNC's membership in the global renewable energy initiative RE100. By transitioning to renewable energy sources, PNC expects to reduce its carbon footprint by over 55,000 metric tons annually.

In terms of carbon emissions, the corporate responsibility report provide data for the year 2022. PNC's direct emissions (Scope 1) amounted to 32,100 metric tons of CO2e, while location-based indirect emissions (Scope 2) were 170,661 metric tons of CO2e. The company also reported market-based indirect emissions (Scope 2) of 84,961 metric tons of CO2e. Additionally, PNC disclosed other emissions (Scope 3 categories 5-7) totaling 60,922 metric tons of CO2e. These figures serve as the baseline for PNC's reduction goals.

PNC has taken several steps and made significant investments and the company has provided substantial debt financing and cash investments to support the development of solar and battery storage assets, totaling billions of dollars. PNC has also executed long-term renewable energy purchase agreements, installed on-site renewable energy systems, and purchased renewable energy credits. These efforts have already resulted in PNC being more than halfway towards achieving its 2025 renewable electricity purchase target.

PNC has developed a sophisticated environmental target setting tool aligned with the GHG protocol and accepted best practices. This tool has enabled the company to re-evaluate its operational targets, committing to further reduce its own Scope 1 and 2 carbon emissions, energy consumption, and water consumption. PNC's operational targets for 2030 include a 30% reduction in energy consumption, an 80% reduction in carbon emissions (Scopes 1 & 2), and a 30% reduction in water consumption.

In conclusion, PNC Financial is actively working towards achieving reducing its carbon emissions. Through investments in renewable energy projects, the execution of renewable energy purchase agreements, and the implementation of energy efficiency measures, PNC is making significant progress towards its sustainability goals. By prioritizing environmental sustainability, PNC aims to contribute to the transition to a low-carbon economy and reduce its impact on the environment.

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