Wells Fargo Recognized as World Leader on Climate Change
Wells Fargo Recognized as World Leader on Climate Change
SAN FRANCISCO, Oct. 17, 2014 /3BL Media/ – Wells Fargo & Company (NYSE: WFC) has been recognized for its actions to reduce greenhouse gas emissions and mitigate the business risks of climate change by CDP, an international, not-for-profit environmental organization that gathers information for investors. CDP named Wells Fargo to The A List: CDP Climate Performance Leadership Index 2014, the CDP S&P 500 Climate Disclosure Leadership Index 2014 and the CDP S&P 500 Climate Performance Leadership Index 2014. The announcement was made in The A List: CDP Climate Performance Leadership Index 2014 report and the CDP S&P 500 Climate Change Report 2014.
“We are extremely proud of our team members who are working hard every day to find innovative approaches to help Wells Fargo reduce energy usage, maximize our efficiency, and enhance the performance of our operations,” said Mary Wenzel, senior vice president and head of Environmental Affairs for Wells Fargo. “Earning this CDP recognition is a testament to our collective efforts and an acknowledgement of our commitment to lead by example. From designing and using paperless ATM receipts to powering down computer monitors each night, we have made significant improvements in engaging both our team members and customers on our sustainability journey.”
Wells Fargo is awarded an “A” grade for climate change mitigation and is listed among 187 companies, less than 10 percent of the 2,000 companies independently assessed against CDP’s methodology. The company also is among 66 S&P 500 companies featured in the 2014 S&P 500 CPLI.
CDP performance scores provide a tool for institutional investors and stakeholders to assess and track corporate efforts to mitigate climate change. Scores are communicated to investors and other decision makers through various channels, including Bloomberg terminals, to help evaluate corporate preparedness for changing market demands and emissions regulation.
Wells Fargo first appeared on the CDP Disclosure Leadership Index in 2008 and continues to develop aggressive goals toward investing in environmental solutions. Wells Fargo reduced its carbon emissions by 23 percent since 2012 as part of its renewed environmental commitment goals, which includes a goal to decrease its absolute carbon emissions by 35 percent from 2008 levels. In 2013, the company implemented an automated carbon emissions tracking and measurement tool with an expanded scope to include all facilities leased and owned worldwide.
Paul Simpson, chief executive officer of CDP, comments: “Global greenhouse gas emissions continue to rise and we face steep financial risk if we do not mitigate them. The business case for action to mitigate climate change has never been stronger or more urgent. For this reason we congratulate those businesses that have achieved a position on The A List: The CDP Climate Performance Leadership Index and the CDP’s S&P 500 Climate Performance Leadership Index. These companies are responding to market demand for environmental accountability and at the same time are making progress towards the realization of sustainable economies.”
In 2012, Wells Fargo committed to provide an additional $30 billion in ﬁnancing to support environmental business opportunities by 2020. The company has since exceeded expectations and deployed more than $12 billion, including: nearly $10 billion for LEED®, ENERGY STAR, Brownﬁeld site redevelopment, and other “green” building and development projects; more than $1 billion in wind and solar projects; and funding toward clean energy companies, organizations, and assets. The company loaned or invested more than $1 billion through its corporate, commercial, and community bank stores across the country to businesses, nonproﬁts, and other customers focused on “green” business such as sustainable agriculture, resource management, and conservation. In 2013, the company also was recognized by the Environmental Protection Agency’s Center for Corporate Climate Leadership with a Goal Setting award for Excellence in Greenhouse Gas Management.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.6 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 locations, 12,500 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2014 rankings of America’s largest corporations. In 2013, the Company invested $275.5 million in grants to 18,500 nonprofits, and team members contributed more than 1.69 million volunteer hours around the country. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. For more information, please visit: www.wellsfargo.com/environment and www.blogs.wellsfargo.com/environment/.
CDP is an international, not-for-profit organization providing the only global system for companies and cities to measure, disclose, manage and share vital environmental information. CDP works with market forces, including 767 institutional investors with assets of US$92 trillion, to motivate companies to disclose their impacts on the environment and natural resources and take action to reduce them. CDP now holds the largest collection globally of primary climate-change, water and forest risk commodities information and puts these insights at the heart of strategic business, investment and policy decisions. Please visit www.cdp.net or follow @CDP to find out more.
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