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Wells Fargo

CEF Lead Executives

Latest Sustainability Reporting

Highlights


  • 25% reduction in aggregate GHG emissions for Scope 1 and Scope 2 (location-based) from 2019 baseline (2030 goal of achieving 75% reduction)
  • 18% reduction in energy use from 2019 baseline (2030 goal to reduce by 50%)
  • 36.5% reduction in total waste stream from 2019 baseline (2030 goal to reduce by 50%)
  • 21.6% reduction in water usage from 2019 baseline (2030 goal to reduce by 45%)
  • $178 billion in sustainability finance activities since 2021
  • $2.4 billion in tax equity financing for wind and solar projects in 2023, with a total lifetime investment of $18.2 billion since launching its Renewable Energy & Environmental Finance program in 2006

Recent News

2023

Announced interim financed emissions targets for three new sectors: Automotive, Steel, and Aviation, aiming to reduce emissions intensity (from a 2019 baseline) for automotive by 53% (for new vehicle sales); aviation by 20% (CO2 per revenue ton kilometer); and work with steel clients to lower emissions beyond its current level of 1.01 tons of CO2/ton of steel, which is already lower than the IEA’s Net-Zero Emissions scenario baseline of 1.09 tCO2/t steel. (July 2023)

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2022

Six of the largest U.S. banks will participate in a Federal Reserve pilot climate scenario analysis exercise in early 2023 to better understand and measure climate-related financial risks. The exercise is strictly for information-gathering purposes; it will have no capital or supervisory implications. The six participating banks include CEF members Bank of America, JPMorgan Chase, Morgan Stanley, and Wells Fargo, as well as Citigroup and Goldman Sachs. (Oct 2022)
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Announced two new 2030 targets for GHG emissions attributable to its financing activities: a 26% reduction in absolute emissions in the oil & gas sector, and a 60% reduction in portfolio emissions intensity in the power sector (2019 baseline for both). These targets are in alignment with the company’s net-zero-by-2050 goal and informed by the target-setting guidelines of the Net-Zero Banking Alliance (NZBA), which the company joined in 2021. (May 2022)

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RMA Climate Risk Consortium — 19 banks—including CEF members Bank of America and Wells Fargoformed a new consortium under the Risk Management Association (RMA) to develop “consistent taxonomy, frameworks, and standards” that help banks integrate climate-risk management into their operations. The consortium will also engage with regulators and policymakers to help inform climate-related policy considerations. (Jan 2022)

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2021

The Taskforce for Nature-related Financial Disclosures (TNFD) appointed 30 senior executives from financial institutions, corporations, and service providers to the TNFD Taskforce. Members will form 5 Working Groups to drive the development of a beta disclosure framework to be launched in early 2022. TNFD Taskforce members include executives from CEF members Bank of America and BlackRock. TNFD also launched the TNFD Forum, a consultative group with over 100 institutions to support the Taskforce that includes CEF Member Wells Fargo Asset Management. (Oct 2021)
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The Wells Fargo Innovation Incubator (IN2) for cleantech and agtech startups is partnering with the Farmers Business Network to give the IN2 agtech startups opportunities to test their technologies in real-world scenarios at scale. (Sept 2021)
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Wells Fargo announced a new wave of support for entrepreneurs including an initiative focused on mentoring 500 women-owned businesses called Connect to More℠, and a second phase of funding from its Open for Business Fund aimed at providing 93 nonprofits the ability to expand access to experts that can help grow small businesses. (Aug 2021)  MORE »


Climate Action 100+ — The group of 617 global investors managing over $55 trillion in assets released a set of expectations laying out necessary actions for the food and beverage sector to achieve net-zero emissions in line with the Paris Agreement goals. Climate Action 100+ investors include CEF members BlackRock, Fidelity Investments, J.P. Morgan Asset Management, and Wells Fargo Asset Management. (Aug 2021)
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Launched a 10-year Banking Inclusion Initiative to help unbanked households—particularly Black and African Americans, Hispanics, and Native Americans—gain easier access to low-cost banking opportunities. It committed to redesigning 100 branches in low-to-middle income neighborhoods to enable one-on-one consultations, offer digital banking access, and conduct financial health seminars. (May 2021)
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Member companies of the Partnership for Renewable Energy Finance (PREF)—including Amazon, Bank of America, BlackRock, Google, JPMorgan, Morgan Stanley, and Wells Fargo—sent a letter to Texas officials opposing 3 energy-related bills, fearing they will upend the economics of wind and solar power in the state. (April 2021)
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Committed to achieving net-zero GHG emissions across its Scope 1, 2, and 3 by 2050. Interim goals include (March 2021):

  • Disclosing its financed emissions measurement approach and providing more robust emissions data by 2022
  • Setting interim emission reduction targets for select carbon-intensive portfolios—including oil and gas, and power—by 2022
  • Establishing an Institute for Sustainable Finance to manage the deployment of an additional $500 billion to sustainable businesses and projects by 2030 and support science-based research and innovation in climate finance 
  • Integrating climate considerations into its Risk Management Framework 

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Announced equity investments in six African-American owned banks. Wells Fargo will support each bank with a “single touchpoint coverage model” to provide financial, technological, and product development expertise to help scale the institutions and create new benefits for the local communities. (February 2021)
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