SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo & Company (NYSE: WFC) announced today that it has set a goal to reduce its U.S.–based greenhouse gas emissions by 20 percent below 2008 levels by 2018. The Company is focusing on reducing its carbon footprint as part of its continued environmental commitment to lead by example and to fulfill its pledge as a member of the U.S. Environmental Protection Agency’s (EPA’s) Climate Leaders program, which Wells Fargo joined last year.
Wells Fargo is also installing solar photovoltaic (PV) systems on 10 banking stores in Denver. Combined the systems will generate about 300,000 kilowatt hours of clean, renewable energy each year, or the equivalent of avoiding about 450,000 pounds of carbon dioxide emissions annually.
The Wells Fargo and Wachovia merger integration is providing an important opportunity to make the combined company’s banking stores greener. Sixteen of the first Wachovia banking stores to convert to the Wells Fargo brand are registered under the U.S. Green Building Council LEED® for Existing Buildings Operations and Maintenance (EBOM) program, indicating that renovations follow best practices for energy and environmental design. Store improvements include energy and water system efficiency expected to yield up to 15 percent savings in each store.
“The health of our environment very much affects the health of our communities and our long-term business success,” said Mary Wenzel, director of Environmental Affairs. “We want to do everything we can to be responsible environmental stewards and help address climate change.”
Wells Fargo’s greenhouse gas emission reduction efforts include:
Greenhouse gas emissions trap the sun's energy and cause rising surface temperatures. Wells Fargo’s emissions primarily come from electricity use, in other words indirect emissions from the generation of electricity purchased through utilities. As power sources become cleaner and as the Company uses less electricity its emissions will go down.
Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 stores and 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally.
The Company works with thousands of communities across North America to promote economic self-sufficiency, education, social services, the arts and the environment. Since 2006, the Company has provided $5 billion in loans and investments for environmentally beneficial business opportunities, including $1.6 billion for solar and wind projects and $3 billion to support LEED-certified buildings. Wells Fargo ranks #1 among banks and insurance companies – and #13 overall – in Newsweek magazine’s inaugural Green Rankings of the country’s 500-largest companies. For more about Wells Fargo’s environmental initiatives: www.wellsfargo.com/environment.