With India’s GDP growth slowing to 3.3% annually, the country has been grappling with the need to reduce the number of deaths caused by air pollution.
PNC has also been involved in the process of implementing the Global Ambient Air Quality Standard (GASAS) which is aimed at making India’s cities cleaner by reducing air pollution by 25%.
In a joint statement with the National Green Tribunal, the two companies announced the establishment of the Pnc-Sustainable Investing (P&S) programme.
The programme will focus on investment in clean energy technologies and environmental conservation, among others.
This is a new initiative in the P&S program and will be launched in 2018.
P&P is a subsidiary of PNC, the largest conglomerate in the world with over $3 trillion in annual revenues.
The company was founded by brothers Abhishek and Subhash in 1957.
Abhisheet has been in charge of the company since 1990.
The P&SA is a joint venture between PNC and Sesa, the Spanish state-owned oil and gas company, which is also in charge in India.
Sesa has invested over $10 billion in India over the last decade.
Pnc invested about $1 billion in renewable energy projects and environmental initiatives, the statement said.PNC has been active in the global green movement with a focus on sustainability.
It invested over a billion dollars in clean and renewable energy initiatives in India, and the company is also engaged in the implementation of global climate change mitigation measures.
The PNC-Sesa Global Partnership is the only one in the energy sector where both PNC investments and SESA’s investments are aligned.