Wells Fargo has announced that it has set a goal of net-zero greenhouse gas emissions, including its financed emissions, by 2050. With combating climate change being a major focal point, Wells Fargo has five areas in which it aims to channel its efforts. To help meet the target goal, the company will measure and disclose financed emissions for select carbon-intensive portfolios, set interim emission reduction targets, deploy more capital to finance climate innovation and continue to work with its clients on their own emissions reduction efforts. Further, the company will launch an Institute for Sustainable Finance to manage the deployment of financing to the tune of $500 million for sustainable businesses and projects by 2030 and support science-based research on low-carbon solutions and advocate for policies that enable client transitions.

The announcement comes after a series of steps that the company has taken in recent months to reduce emissions.  In February 2021, Wells Fargo released its “Task Force of Climate-Related Financial Disclosures” report, which provides an update on the company’s progress in managing climate-related risks and opportunities.  In its operations, the company has surpassed its carbon neutrality targets, including leveraging its annual energy spend to support the development of new renewable energy projects across the U.S. Currently,  Wells Fargo’s Corporate Properties Group has committed to 120 long-term contracts for 750 MW of renewable energy assets.

Wells Fargo & Company is a leading financial services company that has approximately $1.9 trillion in assets and serves about one in three households and more than 10 per cent of all middle-market companies in the United States.