GHG Emissions - May 5, 2022
Wells Fargo Sets GHG Targets For Oil & Gas and Power
Wells Fargo announced its interim targets for reducing GHG emissions attributable to its financing activities in the oil and gas and power sectors.
The 2030 reduction targets for these sectors, based on a 2019 baseline are a 26% reduction in absolute emissions in the oil and gas sector and a 60% reduction in portfolio emissions intensity, according to a statement.
This is an important step in the company’s goal of net zero GHG emissions by 2050, including client emissions attributable to its financing. The company intends to reach this net zero ambition by continuing to support and work with its clients and providing the capital needed to meet the transition to a low carbon future.
The targets are detailed in CO2eMissionSM, Wells Fargo’s methodology for aligning its financial portfolios to the goals of the Paris Agreement and setting interim, emissions-based targets to guide that alignment. This methodology takes a sectoral approach, which recognizes that each sector of the economy is unique and will have its own decarbonization pathway.
The company expects to publicly report on the progress made against the targets for oil and gas and power and plans to set additional targets for other key emitting sectors.
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