Wells Fargo: Financing the Transition to Sustainability
As one of the biggest companies on the planet, Wells Fargo has the opportunity to play a huge role in financing the transition to sustainability.
The Wells Fargo August 2024 Climate Report shows the company is taking big steps to decarbonise its own operations alongside supporting customers to reduce emissions.
Jeffrey Schub, Senior Vice President for Sustainable Finance Integration at Wells Fargo, says: “Our new Wells Fargo Climate Report shows how we are responding to the needs of our clients and customers as they transition toward a low-carbon economy.
“We explain how we are enhancing internal climate-related capabilities, supporting client climate-related activities and collaborating with stakeholders to support climate progress.
“The report highlights transactions that show how our dedicated teams are working with clients, across sectors, to support the transition in the real economy.
“I’m proud to work with these teams every day to make an impact through our financing, operations, and philanthropy. Together, we are continuously enhancing our capabilities to meet the needs of our clients and our own operational emissions.”
About Wells Fargo
Wells Fargo & Company is an American multinational financial services company operating in 35 countries.
It serves more than 70 million customers worldwide and dates back to 1852.
Wells Fargo has offices around the world including in Paris, Dubai, London and Shanghai.
The company has around US$1.9tn in assets and is ranked fourth in assets among all US banks as of 2023.
Wells Fargo’s climate goals
Wells Fargo aims to leverage its expertise and scale to deploy US$500bn in sustainable financing and reduce its Scope 1 and 2 emissions 70% by 2030.
By 2050 it hopes to achieve net zero greenhouse gas emissions including financed emissions across all three scopes.
The company is integrating climate considerations into its risk management programs and is working to highlight initiatives that support a low-carbon economy through the Institute for Sustainable Finance.
Charles Scharf, Chief Executive Officer at Wells Fargo, explains: “We recognise that we have an important role to play in meeting the changing needs of our customers, clients, and communities in the transition to a lower-carbon economy.
“However, we know that we cannot facilitate this transition alone.
“The complex solutions needed require action from governments, businesses, communities and individuals – it will also require policy measures, technological advancements and behavioural changes.”
How Wells Fargo is tackling climate issues
To support its goals, Wells Fargo is focussed on collaborating with stakeholders to support GHG emissions reduction beyond its direct business activity.
It is also enhancing its internal climate-related capabilities and supporting client activities and transactions in relation to the climate.
In 2023 Wells Fargo broke ground for its new Dallas campus, planned to be its first net positive energy building.
The building will have rooftop solar panels, electric vehicle charging stations, dynamic glass and native plantings.
Wells Fargo is supporting real economy decarbonisation through four pillars:
- Grow climate solution companies – financing the growth of companies that provide services, technology and expertise for the climate transition
- Support climate supply chains – financing the manufacturing, supply and distribution of clean energy components and technologies
- Build and deploy climate solutions – financing upfront costs associated with the purchase, construction and adoption of climate solutions
- Aid client transitions to low-carbon future – financing emissions reduction activities of companies in high-emitting sectors
The Wells Fargo Innovation Incubator is running a programme to support companies adopting climate technologies.
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