Whether it is through the branches customers visit, the ATMs customers draw money from, or the corporate offices team members work in, Wells Fargo is now covering 100 percent of its global electricity consumption with renewable energy.
“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.”
The company met this commitment — set in 2016 in its Corporate Social Responsibility report (PDF) — by purchasing more than 2 million megawatt-hours of renewable energy certificates. These RECs are issued when one megawatt-hour of electricity is generated and delivered to the electricity grid from a renewable energy source, according to the Environmental Protection Agency.
Wells Fargo purchased enough RECs to cover the company’s energy demand for 2017. The next phase of its renewable energy goal is to transition to long-term agreements that fund new sources of green power by 2020.
“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’s renewable energy commitment is one of several CSR goals focused on environmental sustainability. The company is currently on track to achieve all of its sustainability goals by 2020. Since 2008, Wells Fargo has reduced absolute greenhouse gas emissions by 42 percent, water use by 56 percent, and energy consumption by 34 percent. Wells Fargo has also achieved Leadership in Energy and Environmental Design (LEED) certification for more than 24 percent of its 90 million square-foot real estate portfolio.
The company also supports the development of clean energy and technology through its business and its philanthropy. Since 2012, Wells Fargo has provided more than $70 billion in financing for environmentally beneficial businesses like SunPower®, one of the largest solar power companies in the U.S. Wells Fargo has also helped finance more than 8 percent of solar and wind energy generated in the U.S.
The company supports clean technology innovation through its philanthropy, including a $30 million program 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 and job training to underserved communities.