San Francisco-headquartered financial services provider Wells Fargo & Company has said it will provide more than US$100 billion in financing to clean technology and renewable energy transactions by 2030.
This is part of a wider US$200 billion plan for sustainable businesses and projects in the same period. With more than half going towards renewable energy, green bonds, and alternative transportation, the remainder of the funding will support projects focused on sustainable agriculture, recycling, conservation, and other environmentally beneficial activities.
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In addition to the financial pledge, Wells Fargo said it has committed to sector-leading transparency around its sustainable financing accounting and inclusion practices, annual impact reporting, and reporting on contributions toward the United Nations Sustainable Development Goals and progress in implementing the recommendations of the Task Force on Climate-related Financial Disclosure.
Wells Fargo CEO Tim Sloan said: “Wells Fargo is committed to taking a leadership role in supporting the transition to a low-carbon economy and promoting environmental sustainability through our products and services, operations and culture, and philanthropy. With this commitment, we are combining a strong financial goal with enhanced transparency and disclosure practices that we believe will lead to sector-wide progress on responsible, sustainable finance.”
The company said that its 2012 sustainable finance goal of US$30 billion by 2020 was met five years early in 2015. In 2016, projects owned in whole or in part by Wells Fargo produced more than 9% of all wind and solar photovoltaic energy generated in the US, and in 2017, the company invested $12 billion in sustainable businesses, the company also claimed in a release.