Multinational financial services firm Wells Fargo & Company has announced that it will provide $200 billion in financing to sustainable businesses and projects by 2030.
Announced during the CECP CEO Force for Good Investor Forum, the commitment includes more than $100 billion to support the transition to a low-carbon economy, including funding for clean technologies and renewables, green bonds, and alternative modes of transportation. The remainder will support companies and projects focused on sustainable agriculture, recycling, conservation, and other environmentally beneficial activities.
In addition to the financial pledge, Wells detailed a new commitment to sector-leading transparency around its financial accounting and inclusion practices, annual impact reporting, 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. The company also announced that it would engage with peers in the industry and other organizations interested in advancing a common approach to responsible, sustainable finance, and further pledged that it would revisit its commitment periodically to make any adjustments necessary based on progress (or lack thereof) and/or developments in best practices around transparency and disclosure.
Announced in 2012, the company achieved its 2020 sustainable finance goal of $30 billion in 2015. In 2016, projects owned in whole or in part by Wells Fargo produced more than 9 percent of all wind and solar photovoltaic energy generated in the U.S., while in 2017 the company invested an additional $12 billion in sustainable businesses.
"We take an ecosystem approach to supporting clean technology," said Mary Wenzel, the company's head of Sustainability and Environmental Affairs. "We work to advance new technologies by providing financing and other services, testing, and adopting new technologies within our footprint and providing philanthropic support to leading accelerators, incubators, and universities focused on clean technology development and entrepreneurship."