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Wells Fargo Exceeds $3 Billion in Environmental Financing
Issues Progress Report on Environmental Finance Activities
SAN FRANCISCO--Dec 22 2008 --Wells Fargo & Company (NYSE:WFC) said today it has provided more than $3 billion in environmental financing, surpassing its goal to provide $1 billion in environmental finance commitments - two years ahead of schedule. The company has released a “Progress Report on Wells Fargo’s Environmental Finance Commitment,” (available at wellsfargo.com/environment) describing how it supports environmental markets.
“Our environmentally-focused investments and loans are a significant new area of business for Wells Fargo,” said Barry Neal, director of Environmental Finance. “Over the past three years we’ve focused on renewable energy, resource efficiency, and sustainability in our work with our customers – helping to protect our environment and grow our businesses.”
Wells Fargo environmental financing includes:
Green buildings - Wells Fargo provided $2 billion in financing for building projects designed to meet U.S. Green Building Council's Leadership in Energy and Environmental Design (LEED) certification requirements, including: energy and water efficiency; on-site renewable energy; resource conservation measures; and improved indoor air quality.
Renewable energy - Wells Fargo invested and committed more than $700 million to support solar and wind projects nationwide. Combined these projects are expected to generate enough clean, renewable energy to power about 475,000 households.
Green businesses - Wells Fargo provided $500 million to support customers who have made environmental sustainability a key part of their missions, including companies focused on renewable energy, energy efficiency, sustainable agriculture and forestry, and resource management.
Community development - Wells Fargo provided $50 million to support nonprofit organizations that improve the environment in low- to moderate-income communities.
“Climate change and energy issues require diverse solutions and support from all areas of our society, and we look forward to continuing to work together with our customers and communities to address these important challenges," said Neal. “We see significant growth potential in all areas related to clean energy, resource efficiency and the environment and are excited about building upon what we have accomplished to date.”
Wells Fargo’s $1 billion lending target was part of its 10-point environmental commitment aimed at helping to integrate environmental responsibility into its business practices.
Wells Fargo & Company is a diversified financial services company with $622 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores and the internet (wellsfargo.com) across North America and internationally.
Wells Fargo & Company
Stephanie Rico, 415-396-5804 (Media)
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