Commercial, GHG Emissions - March 10, 2021
Wells Fargo targets net zero financed emissions by 2050
Wells Fargo announced March 8 that it plans to achieve net zero greenhouse gas emissions across business operations and in its financed emissions by 2050.
The bank also launched an Institute for Sustainable Finance, which will manage the deployment of $500 billion in financing of sustainable businesses and projects by 2030. Key interim steps to these goals will include measuring and disclosing financed emissions for select carbon-intensive portfolios; setting interim emission reduction targets; deploying more capital for climate projects; and working with clients to reduce their own emissions.
“Climate change is one of the most urgent environmental and social issues of our time, and Wells Fargo is committed to aligning our activities to support the goals of the Paris Agreement and to helping transition to a net zero carbon economy,” CEO Charlie Scharf said in a statement. “The risks of not taking action are too great to ignore, and collective action is needed to avoid the significant impact on our most vulnerable communities. We have a responsibility to help find solutions and are committed to deploying our resources and working closely with our clients in this transition.”
Wells Fargo achieved carbon neutrality in its own operations in 2019 and plans to disclose its approach to measuring Scope 3 financed emissions within the next year. The bank has provided $157 billion in financing to sustainable businesses and projects since 2012 and in February Wells Fargo released its first Task Force on Climate-Related Financial Disclosures Report.