Commercial, Distributed Generation, Solar, Sourcing Renewables - November 8, 2017
Wells Fargo to hit 100% renewables this year
Wells Fargo & Co. announced Nov. 8 that it will meet its goal of powering 100% of its global operations with renewable energy by the end of 2017 through the purchase of more than 2 million MWh of vintage renewable energy certificates.
The banking giant's goal to power all 90 million square feet of its data centers, corporate offices and branches from renewable sources is part of its larger sustainability goals, including transitioning to long-term agreements that fund new sources of green power by 2020, as presented in the company’s 2016 interim sustainability report.
“Maximizing our operational efficiency is one way we ‘walk the talk’ when it comes to sustainability and our commitment to addressing climate change,” Curt Radkin, senior vice president in Wells Fargo’s Corporate Properties Group, said in a statement. “It helps us manage long-term expenses, reduce the environmental impact of our energy consumption and enhance our team member experience.”
The company added that it will continue to develop new forms of generation in addition to solar panels, which generate a portion of its properties’ electricity demands, including onsite generation, directed power purchase agreements and utility-sponsored programs as part of its 2020 renewable energy goals.
The announcement follows years of progress from the company toward more energy efficient operations and the reduction of its carbon footprint. Wells Fargo & Co. joined the RE100 initiative, a list of businesses committed to powering their operations with 100% renewable energy, in September 2016 and has reduced absolute greenhouse gas emissions and energy consumption by 42% and 34%, respectively, since 2008, the company said in a statement.