Wells Fargo seeks to achieve net-zero greenhouse gas emissions by 2050

Wells Fargo & Co. is aiming to achieve net-zero greenhouse gas emissions by 2050, including its financed emissions.

The bank had already achieved carbon neutrality in its operations in 2019.

Wells Fargo will measure and disclose financed emissions for select carbon-intensive portfolios, including the oil, gas and power sectors, no later than the end of 2022.

The bank will also set interim emission reduction targets, deploy more capital to finance climate innovation, and continue to work with its clients on their own emissions reduction efforts.

Wells Fargo will also launch an institute for sustainable finance to deploy $500 billion of financing to sustainable businesses and projects by 2030, and support science-based research on low-carbon solutions and advocate for policies that enable client transitions.

In addition, Wells Fargo will integrate climate considerations into its risk management framework and use client carbon transition plans in decision-making processes.