Month: February 2024

February 28, 2024 /3BL/ – The Healthcare Plastics Recycling Council (HPRC) announced today the release of its Guiding Principles on Advanced Recycling, marking a significant stride in its ongoing efforts to evaluate applicability and effectiveness of advanced recycling technologies in creating a circular plastics economy for the healthcare industry. The document outlines HPRC’s precepts regarding the use of advanced recycling technologies for healthcare plastics and encompasses topics such as the most efficient use of technology, environment and human health safeguards, claims and chain of custody, complementary relationship with mechanical recycling, and circular enablement.

“While plastics play a pivotal role in modern healthcare, the exponential growth of plastic waste poses environmental challenges,” says Peylina Chu, HPRC Executive Director. “Since 2020, HPRC has been exploring different advanced recycling technologies – including purification, decomposition, and conversion – to educate ourselves and to determine if advanced recycling can assist in creating a circular economy for healthcare plastics, namely flexible and multi-laminate plastics that are not ideal for mechanical recycling processes.”

The document delineates five guiding principles when considering the use of advanced recycling technologies for healthcare plastics:

Utilize the Most Efficient Technology with Reduced Carbon Footprint: Prioritize technologies that minimize greenhouse gas emissions and enhance sustainability throughout the plastic lifecycle.Prioritize Human Safety and Safeguard Nature: Ensure that advanced recycling processes uphold the highest standards of safety for healthcare workers, patients, adjacent communities, and the environment.Ensure Truthful Claims Supported by a Chain of Custody: Uphold integrity and transparency by substantiating claims with robust data and adhering to rigorous tracking and verification protocols.Complement Mechanical Recycling: Advanced recycling should complement existing mechanical recycling systems, focusing on plastics that pose challenges for traditional recycling methods.Promote Material-to-Material Recycling for Circularity: Advocate for material-to-material recycling processes to foster circularity in healthcare plastics and reduce reliance on virgin resources.

“Based on where we are today with our research and testing, we see transformative potential for advanced recycling to offer a viable solution for recycling healthcare plastics that would otherwise be destined for landfills or incineration. Additionally, these advanced recycling technologies present an opportunity to support a circular economy for healthcare plastics, reduce reliance on virgin plastic made from fossil fuels, and mitigate greenhouse gas emissions,” concludes Peylina Chu, HPRC Executive Director.

For more information and to access the full guiding principles document, visit: https://www.hprc.org/advanced-recycling-guiding-principles

About HPRC

HPRC is a private technical coalition of industry peers across manufacturing, healthcare, and recycling industries seeking to improve the recyclability of plastic products within healthcare. Made up of brand-leading and globally recognized members, HPRC explores ways to enhance the economics, efficiency, and ultimately the quality and quantity of healthcare plastics collected for recycling in support of a circular plastics economy. HPRC is active across the United States and Europe working with key stakeholders, identifying opportunities for collaboration, and participating in industry events and forums. For more information, visit www.hprc.org and follow HPRC on LinkedIn.

AUSTIN, Texas, February 28, 2024 /3BL/ – PNC Bank announced a commitment to invest $10 million in the Austin Housing Conservancy fund, an innovative solution to address Austin’s housing crisis through a collaboration between investors, nonprofit and community partners. The fund invests and preserves multifamily properties currently affordable to moderate and middle-income individuals.

“PNC is focused on making a real impact in Austin communities, and as a longtime resident, I know that among the most critical issues facing our region is housing affordability,” said Steven Gonzalez, PNC regional president for Austin. ” This investment will help create meaningful change by offering a path forward to help middle-income families, especially those who work in essential services, remain in Austin despite steep increases in cost of living.”

PNC’s direct equity investment in the fund, which is sponsored and managed by Affordable Central Texas (ACT), will help fund the purchase and preservation of multifamily properties and in doing so maintain affordable rental rates for middle-income Austin residents.

“Austin is in an affordability crisis, and we need to make sure we’re doing everything we can to ensure that everyone in our community is able to share in our current success,” said Kirk Watson, Austin mayor. “PNC’s investment in the Austin Housing Conservancy will help do that by making a substantial difference in housing for our workforce today and in the future.”

PNC Bank’s investment brings the fund to over $41 million making ACT’s initial goal of $50 million within reach by the end of 2024.

“PNC’s vision and willingness to invest in moderate-income housing with the Austin Housing Conservancy Fund will preserve affordable rental housing for families and individuals for generations to come, allowing us to accelerate our acquisition timeline and reach our 10,000-apartment goal sooner,” said Monica Medina, president and CEO for Austin Housing Conservancy. “We are grateful for the leadership of the PNC team to make this a reality.”

Currently, the fund portfolio has preserved 2,150 units in 14 properties, with a capacity to serve 4,000 residents and a total fund value in excess of $413 million.

PNC’s investment stems from its $88 billion Community Benefits Plan, which provides loans, investments and other financial support to bolster economic opportunity for low- and moderate-income (LMI) individuals, communities and people of color over a four-year period that began Jan. 1, 2022. As part of the Plan, PNC expects to provide at least $14.5 billion in community development loans and investments across all markets, including at least $400 million for Community Development Financial Institutions (CDFIs) that help meet the banking and financial service needs of traditionally underserved communities.

PNC Bank, N.A., is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.

CONTACT: 
Cari Hensley 
(214) 890-8683 
cari.hensley@pnc.com

AUSTIN, Texas, February 28, 2024 /3BL/ – PNC Bank announced a commitment to invest $10 million in the Austin Housing Conservancy fund, an innovative solution to address Austin’s housing crisis through a collaboration between investors, nonprofit and community partners. The fund invests and preserves multifamily properties currently affordable to moderate and middle-income individuals.

“PNC is focused on making a real impact in Austin communities, and as a longtime resident, I know that among the most critical issues facing our region is housing affordability,” said Steven Gonzalez, PNC regional president for Austin. ” This investment will help create meaningful change by offering a path forward to help middle-income families, especially those who work in essential services, remain in Austin despite steep increases in cost of living.”

PNC’s direct equity investment in the fund, which is sponsored and managed by Affordable Central Texas (ACT), will help fund the purchase and preservation of multifamily properties and in doing so maintain affordable rental rates for middle-income Austin residents.

“Austin is in an affordability crisis, and we need to make sure we’re doing everything we can to ensure that everyone in our community is able to share in our current success,” said Kirk Watson, Austin mayor. “PNC’s investment in the Austin Housing Conservancy will help do that by making a substantial difference in housing for our workforce today and in the future.”

PNC Bank’s investment brings the fund to over $41 million making ACT’s initial goal of $50 million within reach by the end of 2024.

“PNC’s vision and willingness to invest in moderate-income housing with the Austin Housing Conservancy Fund will preserve affordable rental housing for families and individuals for generations to come, allowing us to accelerate our acquisition timeline and reach our 10,000-apartment goal sooner,” said Monica Medina, president and CEO for Austin Housing Conservancy. “We are grateful for the leadership of the PNC team to make this a reality.”

Currently, the fund portfolio has preserved 2,150 units in 14 properties, with a capacity to serve 4,000 residents and a total fund value in excess of $413 million.

PNC’s investment stems from its $88 billion Community Benefits Plan, which provides loans, investments and other financial support to bolster economic opportunity for low- and moderate-income (LMI) individuals, communities and people of color over a four-year period that began Jan. 1, 2022. As part of the Plan, PNC expects to provide at least $14.5 billion in community development loans and investments across all markets, including at least $400 million for Community Development Financial Institutions (CDFIs) that help meet the banking and financial service needs of traditionally underserved communities.

PNC Bank, N.A., is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.

CONTACT: 
Cari Hensley 
(214) 890-8683 
cari.hensley@pnc.com