Banking giant Wells Fargo has announced its goal to achieve net zero greenhouse gas emissions by 2050 as part of its efforts to support the transition to a low carbon economy.
It will measure and disclose financed emissions for select carbon intensive portfolios, including the oil and gas and power sectors, 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.
It also plans to launch an Institute for Sustainable Finance to manage the deployment of $500 billion (£361bn) of financing to sustainable businesses and projects by 2030, as well as support science-based research on low carbon solutions and advocate for policies that enable client transitions.
Wells Fargo achieved carbon neutrality in its operations – Scopes 1 and 2 – in 2019 and its latest net zero goal includes a commitment to reduce all Scopes 1, 2 and 3 emissions.
Charlie Scharf, Wells Fargo CEO said: “Climate change is one of the most urgent environmental and social issues of our time and Wells Fargo is committed to aligning our activities to support the goals of the Paris Agreement and to helping transition to a net zero carbon economy.
“The risks of not taking action are too great to ignore and collective action is needed to avoid the significant impact on our most vulnerable communities. We have a responsibility to help find solutions and are committed to deploying our resources and working closely with our clients in this transition.”