May 4, 2022

Bill Daley and Mike Santomassimo on Wells Fargo’s commitment to reducing greenhouse gas emissions

Wells Fargo established interim targets for reducing emissions attributable to the company’s financing activities in the Oil & Gas and Power sectors.

In an important step toward realizing its goal of net-zero greenhouse gas emissions by 2050, including client activities attributable to its financing, Wells Fargo has published its interim emissions reduction targets for its Oil & Gas and Power portfolios to be achieved by 2030. 

The 2030 reduction targets for these sectors are:

  • Oil and gas: 26% reduction in absolute emissions
  • Power: 60% reduction in portfolio emissions intensity

More on these targets can be found in CO2eMissionSM, Wells Fargo’s methodology for aligning its financial portfolios to the goals of the Paris Agreement. The approach is informed by target-setting guidelines of the Net-Zero Banking Alliance, which Wells Fargo joined in 2021. 

In the video, Bill Daley, vice chairman of Public Affairs, and Mike Santomassimo, chief financial officer, discuss the company’s goal of achieving net-zero greenhouse gas emissions over the next three decades, Wells Fargo’s sustainable finance commitment, and other ways the company is supporting its clients across all sectors during the economy’s transition to a low-carbon future.

“It’s certainly unprecedented in a lot of ways because we’re not just tackling issues that impact the banking sector or our clients, we’re really tackling issues that impact the overall society that we live in,” Santomassimo said. “Our plans will evolve as we get better information, better data, better paths to decarbonize different sectors. We have to be nimble as we go.”