Commercial, GHG Emissions, Sourcing Renewables  -  August 16, 2019

Wells Fargo exceeds GHG emissions goal

 Wells Fargo & Company announced a 48% reduction in GHG emissions since 2008, exceeding its goal to reach 45% by 2020. The company has reduced energy consumption by 36% during the same timeframe, on the way to its goal of 40% by 2020.

These results were featured in Wells Fargo’s 2018 Corporate Responsibility Report, “Purpose in Action.” “Every day, we challenge ourselves to more deeply embed the management of environmental, social and governance issues across our business and make progress on our corporate responsibility goals,” said Mary Wenzel, head of sustainability & corporate responsibility for Wells Fargo. “With growing concerns around climate change and pressing societal challenges, we are looking at where we can use our scale and expertise to have a positive impact through our business, products, and philanthropy.”

Wells Fargo met its goal to meet 100% of its global electricity needs with renewable energy in 2017 through the purchase of RECs. The goal to achieve LEED certification for 35% of its buildings (by leased and owned square footage) is in progress, as the company hit 28% in 2018.

Wells Fargo provided $23 billion in financing in the first year of its $200 billion sustainable finance commitment. Of the $23 billion, 63% went toward low-carbon solutions such as green buildings, renewable energy, and clean technologies. The remainder of the 2018 financing supports businesses and projects focused on sustainable agriculture, conservation, recycling, resource management, and other environmentally beneficial activities.