Sustainability

Wells Fargo has long been a leading bank in the energy sector, financing conventional and low-carbon energy solutions. As of December 31, 2024, we had approximately $55 billion of outstanding commitments to oil, gas, pipeline companies, and utilities and we have provided over $20 billion of renewable tax equity since 2006. We have also deployed $178 billion of sustainable finance in three years, which includes $16 billion in renewable energy and over $15 billion in clean transportation finance.

Wells Fargo can play a role in supporting our clients’ climate-related efforts. However, when we set our financed emissions goal and targets, we said that achieving them was dependent on many factors outside our control. This included public policy, consumer behavior, and technology changes that would enable our clients to move quickly to lower-emitting operating models. Many of the conditions necessary to facilitate our clients’ transitions have not occurred.

We are adjusting our approach to focus on doing what banks do best – providing financing and expertise to help clients pursue their own objectives. As of today, we are discontinuing our sector-specific 2030 interim financed emissions targets and our goal to achieve net zero by 2050 for financed emissions.

We will maintain our 2030 sustainable finance goal; our 2030 operational sustainability goals; and our 2050 goal for Wells Fargo’s own operational emissions. 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.

Since announcing our goal of deploying $500 billion in sustainable finance by 2030, we have taken meaningful steps forward. 

In 2021, we launched the Wells Fargo Institute for Sustainable Finance to help increase understanding of sustainable finance and highlight initiatives that support a low-carbon economy.

From 2021 to 2023, Wells Fargo originated, committed, advised, or facilitated approximately $178 billion in sustainable finance activities, representing approximately 36% of our $500 billion sustainable finance goal.

Our second Inclusive Communities and Climate Bond, a $2 billion bond, supported sustainable finance efforts for projects and programs that contribute to housing affordability, economic opportunity, renewable energy, and clean transportation. We were recognized at the 8th Climate Bonds Awards for the Largest Financial Corporate Sustainability Bond of 2022 by the Climate Bonds Initiative.

Across our footprint, we have set operational sustainability goals for 2030, as listed below. We are working to make progress towards these 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 our annual purchased electricity consumption needs with new renewable sources.

Wells Fargo respects the rights and dignity of everyone with whom we do business. Respect for human dignity begins with our daily interactions with one another and with our customers, promoting an environment that welcomes people from different backgrounds and with different experiences. Wells Fargo supports efforts to help prevent human rights abuses, including modern slavery and human trafficking.