Wells Fargo Announces Interim Greenhouse Gas Reduction Targets for Oil & Gas and Power Sectors
May 04 2022 - 12:00PM
Business Wire
Targets align the company’s financial portfolios with the
companywide goal of net-zero greenhouse gas emissions by 2050
Wells Fargo today announced its interim targets for reducing
greenhouse gas emissions attributable to its financing activities
in the Oil & Gas and Power sectors. The 2030 reduction targets
for these sectors, based on a 2019 baseline, are:
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CO2eMission - Wells Fargo's net-zero
alignment and target-setting methodology (Graphic: Wells Fargo)
- Oil & Gas sector: 26% reduction in absolute
emissions
- Power sector: 60% reduction in portfolio emissions
intensity
This is an important step in the company’s work to realize its
goal of net-zero greenhouse gas 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 demands of
today while working to 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. CO2eMission is available on
this website. Wells Fargo’s approach is informed by the
target-setting guidelines of the Net-Zero Banking Alliance (NZBA),
which the company joined in 2021.
The company expects to publicly report on the progress made
against the targets for Oil & Gas and Power and plans to set
additional targets for other key emitting sectors.
About Wells Fargo Wells Fargo & Company (NYSE: WFC)
is a leading financial services company that has approximately $1.9
trillion in assets, proudly serves one in three U.S. households and
more than 10% of small businesses in the U.S., and is a leading
middle market banking provider in the U.S. We provide a diversified
set of banking, investment and mortgage products and services, as
well as consumer and commercial finance, through our four
reportable operating segments: Consumer Banking and Lending,
Commercial Banking, Corporate and Investment Banking, and Wealth
& Investment Management. Wells Fargo ranked No. 37 on Fortune’s
2021 rankings of America’s largest corporations. In the communities
we serve, the company focuses its social impact on building a
sustainable, inclusive future for all by supporting housing
affordability, small business growth, financial health, and a
low-carbon economy. News, insights, and perspectives from Wells
Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo.
Cautionary Statement About Forward-Looking Statements
This news release contains forward-looking statements about our
future financial performance and business. Because forward-looking
statements are based on our current expectations and assumptions
regarding the future, they are subject to inherent risks and
uncertainties. Do not unduly rely on forward-looking statements as
actual results could differ materially from expectations.
Forward-looking statements speak only as of the date made, and we
do not undertake to update them to reflect changes or events that
occur after that date. For information about factors that could
cause actual results to differ materially from our expectations,
refer to our reports filed with the Securities and Exchange
Commission, including the discussion under “Risk Factors” in our
Annual Report on Form 10-K for the year ended December 31, 2021, as
filed with the Securities and Exchange Commission and available on
its website at www.sec.gov.
News Release Category: WF-CF
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version on businesswire.com: https://www.businesswire.com/news/home/20220504005374/en/
Media Beth Richek, 704-374-2545
beth.richek@wellsfargo.com Investor Relations John Campbell,
415-396-0523 john.m.campbell@wellsfargo.com
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