Wells Fargo Announces Interim Greenhouse Gas Reduction Targets for Oil & Gas and Power Sectors
Targets align the company’s financial portfolios with the companywide goal of net-zero greenhouse gas emissions by 2050
Wells Fargo announced its interim targets for reducing greenhouse gas emissions attributable to its financing activities in the Oil & Gas and Power sectors. The 2030 reduction targets for these sectors, based on a 2019 baseline, are:
- Oil & Gas sector: 26% reduction in absolute emissions
- Power sector: 60% reduction in portfolio emissions intensity
This is an important step in the company’s work to realize its goal of net-zero greenhouse gas emissions by 2050, including client emissions attributable to its financing. The company intends to reach this net-zero ambition by continuing to support and work with its clients and providing the capital needed to meet the demands of today while working to transition to a low carbon future.
See related article: Wells Fargo Appoints Robyn Luhning as Chief Sustainability Officer
The targets are detailed in CO2eMissionSM, Wells Fargo’s methodology for aligning its financial portfolios to the goals of the Paris Agreement and setting interim, emissions-based targets to guide that alignment. This methodology takes a sectoral approach, which recognizes that each sector of the economy is unique and will have its own decarbonization pathway. CO2eMission is available on this website. Wells Fargo’s approach is informed by the target-setting guidelines of the Net-Zero Banking Alliance (NZBA), which the company joined in 2021.
The company expects to publicly report on the progress made against the targets for Oil & Gas and Power and plans to set additional targets for other key emitting sectors.
Source: Wells Fargo
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