Company achieves significant milestone in 2020 sustainability goal
Wells Fargo & Company (NYSE: WFC) today announced that 100 percent of
its global electricity consumption for 2017 will be met with renewable
energy. The milestone means the company has met the first part of its
commitment to purchase renewable energy to power 100 percent of global
operations by the close of 2017, with a transition to long-term
agreements that fund new sources of green power by 2020.
To meet the demand for its more than 90 million square feet of real
estate, including data centers, corporate offices and branches, Wells
Fargo purchased more than 2 million MWh of 2017 vintage Renewable Energy
Certificates (RECs).
“Like so many of our customers, Wells Fargo strongly supports
accelerating the development and production of renewable energy,” said
Wells Fargo CEO Tim Sloan. “Meeting our global electricity requirements
with 100 percent renewable energy demonstrates our leadership in
operational efficiency, and we are committed to continuing to innovate
our products and services and provide financing for our customers’
renewable energy, energy efficiency and clean technology projects.”
In addition to leveraging a renewables strategy to advance operational
efficiency, Wells Fargo supports the development of clean energy and
technology through its business and its philanthropy.
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Since 2012, Wells Fargo has provided more than $70 billion in
financing for environmentally beneficial businesses and projects,
including the Kern
High School District’s carport solar system.
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In 2016, more than 8 percent of all wind and solar photovoltaic energy
generated in the U.S. came from projects owned wholly or in part by
Wells Fargo through its tax-equity financing business.
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In its philanthropy, among other projects, the company supports clean
technology innovation through a $30 million partnership with the
National Renewable Energy Laboratory — the Wells Fargo Innovation
Incubator — and significant financial support for GRID Alternatives, a
nonprofit organization that brings renewable energy to low- and
moderate-income and tribal communities.
“Maximizing our operational efficiency is one way we ‘walk the talk’
when it comes to sustainability and our commitment to addressing climate
change,” said Curt Radkin, senior vice president in Wells Fargo’s
Corporate Properties Group. “It helps us manage long-term expenses,
reduce the environmental impact of our energy consumption and enhance
our team member experience.”
Wells Fargo properties currently generate a portion of their electricity
demand through solar panels. To help meet its commitment to develop new
forms of generation to power its operations by 2020, the company will
explore expanding its capabilities in a variety of areas, including
on-site generation, Directed Power Purchase Agreements,
utility-sponsored programs and other mechanisms.
“Making longer-term strategic commitments to purchasing energy from
diverse generation sources will require a major shift in the way we
think about and approach energy procurement,” said Radkin. “But we see
it as a risk-mitigation strategy that will benefit Wells Fargo over time
while minimizing our carbon footprint for the benefit of our communities
and the environment in general.”
Wells Fargo’s renewable energy commitment is one of several 2020 goals
focused on environmental sustainability. As of the close of the second
quarter, the company is on track to achieve all of its sustainability
goals. Since 2008, Wells Fargo has reduced absolute greenhouse gas
emissions by 42 percent, water use by 56 percent, energy consumption by
34 percent and waste by 30 percent. The company has also achieved LEED
certification for 24 percent of its real estate portfolio.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based
financial services company with $1.9 trillion in assets. Wells Fargo’s
vision is to satisfy our customers’ financial needs and help them
succeed financially. Founded in 1852 and headquartered in San Francisco,
Wells Fargo provides banking, insurance, investments, mortgage, and
consumer and commercial finance through more than 8,400 locations,
13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 42 countries and territories to support customers who conduct
business in the global economy. With approximately 268,000 team members,
Wells Fargo serves one in three households in the United States. Wells
Fargo & Company was ranked No. 25 on Fortune’s 2017 rankings of
America’s largest corporations. The Chronicle of Philanthropy ranked
Wells Fargo No. 3 on its most recent list of the top corporate cash
philanthropists. In 2016, Wells Fargo donated $281.3 million to 14,900
nonprofits and Wells Fargo team members volunteered 1.73 million hours
with 50,000 nonprofits. Wells Fargo’s corporate social responsibility
efforts are focused on three priorities: economic empowerment in
underserved communities, environmental sustainability, and advancing
diversity and social inclusion. News, insights and perspectives from
Wells Fargo are also available at Wells
Fargo Stories.