Will Jennifer Merli Change Sustainability at Wells Fargo?

Wells Fargo, one of the largest financial services companies in the United States, has appointed Jennifer Merli as its Executive Director, Sustainability Strategy & Initiatives.

As an industry veteran with a robust track record in corporate sustainability, Jennifer’s arrival could signal renewed commitment – even amid changing tides around climate targets in the US finance sector. 

The appointment comes a few months after Wells Fargo scrapped its goal to reach net zero emissions across its financed portfolio by 2050 – a crucial moment as Wells Fargo balances its ambitious sustainability financing goals with a recalibrated approach to operational and financed emissions.

“Life - work life, personal life, all life - is unpredictable,” Jennifer said on LinkedIn. 

“Today was Day One of my new job leading sustainability strategy and initiatives at Wells Fargo. Can't wait to dive into this work with my new boss Jeffrey Schub, our top-notch Sustainability and Public Affairs teams and the entire Wells Fargo enterprise.”

About Jennifer Merli

Jennifer’s professional journey sits at the intersection of science, technology, finance and sustainability. 

Holding a BA in Geology and Environmental Studies and an MBA in Finance and Marketing, she began her career as a hydrogeologist at Roux Associates before advancing into leadership roles at major financial institutions and corporations.

She moved into marketing roles at GE Money and Citigroup before joining Mastercard. 

Jennifer spent 15 years at the finance giant, culminating in four years as Vice President of Corporate Sustainability, where she drove the integration of environmental principles into business operations and strategy. Her tenure at Mastercard built a foundation of global impact, guiding the company through a period of rapid transformation in ESG priorities and stakeholder expectations.

“How do you define your ESG values from a corporate strategy standpoint inwardly, but also outwardly,” Jennifer said during her time at Mastercard. 

“How does that strategy manifest?

“Climate is at the top of the agenda because it is so urgent.”

In January 2025, she joined Cognizant as Senior Sustainability Advisor, a role she held for less than seven months before joining Wells Fargo.

Sustainability at Wells Fargo

In recent years, Wells Fargo made headlines with a commitment to deploy US$500bn in sustainable financing by 2030. This initiative seeks to support the transition to a low-carbon economy through investments in climate solutions, clean energy and community resilience.

The company had previously announced ambitious targets to reach net zero greenhouse gas emissions across both its own operations and its financed activities by 2050. However, as sector pressures and external variables shifted, Wells Fargo recently adjusted course—discontinuing its commitment to net zero financed emissions by 2050 and stepping back from interim sector-specific 2030 targets.

“We are discontinuing our sector-specific 2030 interim financed emissions targets and our goal to achieve net zero by 2050 for financed emissions,” Wells Fargo said.

The bank said that external factors have made its previous goals impossible and says that it is “adjusting our approach to focus on doing what banks do best – providing financing and expertise to help clients pursue their own objectives”.

“We will maintain our 2030 sustainable finance goal; our 2030 operational sustainability goals; and our 2050 goal for Wells Fargo’s own operational emissions,” the bank continued.  

“Most importantly, we will continue to serve clients’ energy needs, meeting them where they are in their chosen energy and transition strategies. 

“And we will work to meet the rising energy demands of the clients, customers and communities we serve.”

The bank continues to work towards operational 2030 goals: 

• Reducing GHG emissions (Scope 1 and 2) from 2019 levels by 70%
• Reducing energy usage from 2019 levels by 50%
• Reducing total waste stream from 2019 levels by 50%
• Reducing water usage from 2019 levels by 45%
• Meeting 100% of annual purchased electricity consumption needs with new renewable sources.

The future of sustainability at Wells Fargo

Under Jennifer’s stewardship, Wells Fargo’s future sustainability agenda will likely build upon and refine the bank’s foundational commitments. Even after scaling back on certain targets, as one of the world’s largest companies Wells Fargo is poised to play a significant role in the real economy’s decarbonisation. 

Major pillars of its forward-looking approach include:

• Accelerating sustainable finance, aiming to reach US$500bn deployed by 2030 while supporting climate solution innovators and supply chains
• Elevating operational sustainability, continuing progress on emissions, energy, waste and water reduction through technology, efficiency and green building investments
• Working with clients in carbon-intensive sectors, providing expertise and capital to help businesses pursue tailored emissions-reduction strategies at their own pace
• Expanding partnerships and stakeholder engagement to foster systemic change and amplify the bank’s impact.

Wells Fargo’s leadership describes the current landscape as requiring “collaboration, policy innovation and technological advancement” across industries and geographies.