Wells Fargo is a multinational financial services company headquartered in San Francisco, California, United States. It is one of the largest banks in the world, with over 70 million customers and more than 7,000 branches in 31 countries. The company operates in various sectors, including banking, insurance, investments, mortgage, and consumer and commercial finance.
In recent years, Wells Fargo has taken a number of steps to reduce its carbon footprint and promote decarbonisation. The company has set a goal to achieve net-zero greenhouse gas emissions by 2050, in line with the Paris Agreement's target of limiting global warming to below 2 degrees Celsius. To achieve this goal, Wells Fargo is focusing on reducing its energy consumption and increasing its use of renewable energy.
One of the key initiatives that Wells Fargo has undertaken to reduce its energy consumption is the Corporate Energy Management program. This program aims to identify and implement energy-saving measures across the company's facilities, operations, and supply chain. Through this program, Wells Fargo has implemented a range of energy-efficient technologies, such as LED lighting, HVAC upgrades, and building automation systems. The company has also implemented a comprehensive energy management system that tracks energy use and identifies opportunities for further improvements.
In addition to reducing its energy consumption, Wells Fargo is also increasing its use of renewable energy. The company has set a goal to source 100% of its global electricity consumption from renewable sources by 2020. To achieve this goal, Wells Fargo is investing in renewable energy projects and entering into corporate power purchase agreements (PPAs) with renewable energy providers.
One of the key corporate PPAs that Wells Fargo has entered into is with NextEra Energy Resources, a leading renewable energy provider. Under this agreement, Wells Fargo will purchase 62,000 megawatt-hours of renewable energy annually from NextEra Energy Resources' wind farms in Illinois and Oklahoma. This is equivalent to the energy needed to power over 5,000 homes for a year. The agreement will help Wells Fargo reduce its greenhouse gas emissions by over 35,000 metric tons annually.
Wells Fargo has also invested in several renewable energy projects, including solar and wind farms. In 2019, the company invested $200 million in a 150-megawatt solar project in California, which is expected to generate enough electricity to power over 50,000 homes. The project will also help Wells Fargo reduce its greenhouse gas emissions by over 150,000 metric tons annually.
In addition to its efforts to promote decarbonisation and increase its use of renewable energy, Wells Fargo is also committed to reducing its environmental impact in other areas. The company has set a goal to reduce its water consumption by 35% by 2020, compared to a 2013 baseline. To achieve this goal, Wells Fargo is implementing water-saving measures across its facilities, such as low-flow toilets and faucets, and using recycled water for landscaping.
Overall, Wells Fargo is demonstrating a strong commitment to sustainability and decarbonisation. The company's efforts to reduce its energy consumption and increase its use of renewable energy are helping to drive the transition to a low-carbon economy. As a leading financial services company, Wells Fargo has the opportunity to influence other companies and industries to adopt sustainable practices and reduce their environmental impact.