Monday, April 23, 2012

Wells Fargo To Lend $30 Billion for "Greener" Economy


SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo & Company (NYSE: WFC) announced today an enhanced commitment to environmental leadership that includes the following goals to be achieved by 2020: $30 billion in loans and investments in support of a “greener” economy, $100 million in community grants for grassroots environmental initiatives, and a 40% increase in the company’s energy efficiency.

“Our commitment to the environment reflects our belief that Wells Fargo’s responsibility as a corporation goes beyond its mission of helping customers succeed financially. We also have a major role to play in promoting the long-term economic prosperity and quality of life of the communities we serve,” said Chairman, President and CEO John Stumpf. “By bringing our talents and resources to these efforts, we seek to work jointly with businesses and communities in protecting and preserving this planet and its precious resources for future generations.”

Wells Fargo’s comprehensive commitment to investing in environmental solutions for stronger communities includes three areas of focus through 2020:

    Accelerating the transition to a “greener” economy
        $30 billion in loans and investments to promote a “greener economy,” including wind and solar energy, clean technologies, energy efficient buildings, environmental innovation, and environmentally responsible public financing
        An approach to environmental and social risk management focused on responsible ways of doing business together with our business customers
        Engage its 70 million customers through marketing and communications aimed at raising awareness about products and services that can help customers succeed financially as well as protect the environment – e.g. promotions of paperless banking services and financing for energy efficient home improvements
    Encouraging stronger and more sustainable communities
        $100 million in community grants and increased volunteerism for grassroots environmental initiatives, such as programs that bring people together to plant and care for city trees and open spaces. Grants also support “innovation” led by nonprofits and universities aimed at promoting clean technology and breaking down barriers to a “greener” economy
        Target $1 billion for low- to moderate-income communities to prove the added value of community investments with environmental benefits
    Reducing the environmental impact of Wells Fargo’s operations.
        Create a culture of sustainability by increasing team member environmental stewardship in our communities, at work and in our daily lives
        Achieve measurable environmental performance goals by 2020:
            40% increase in energy efficiency
            65% waste diversion rate
            35% reduction in absolute greenhouse gas emissions below 2008 levels
            35% of buildings will achieve Leadership in Energy and Environmental Design (LEED®) certification
        Engage suppliers to enhance its environmental performance through increased accountability and transparency in its supply chain

“Our research shows more than 80 percent of our consumers think environmental issues are important,” said Mary Wenzel, Wells Fargo’s director of Environmental Affairs. “We share their values and concerns and are acting on them through a broad-based, financially powerful approach to the environmental opportunities and needs we see on the horizon. We hope to demonstrate that progress for Wells Fargo and for the communities we serve does not have to come at the expense of the planet we share.”

Find more information about Wells Fargo’s environmental initiatives and join us in a conversation about these important issues on Wells Fargo Environmental Forum, blog.wellsfargo.com/environment.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and other distribution channels across North America and internationally. We want to help all of our customers succeed financially and create long-term economic growth and quality of life for everyone in our communities. In 2011, the Company invested a record $213.5 million in grants in 19,000 nonprofits, and team members contributed more than 1.5 million volunteer hours around the country. For more information, please visit: www.wellsfargo.com/about/csr.