Wells Fargo

Wells Fargo, a US-based commercial banking firm, reported its latest Scope 1 emissions as 79,285,000 kg CO2e for 2024. Its Scope 2 market-based emissions for the same year were 2,372,000 kg CO2e. For 2023, Scope 1 emissions were 82,410,000 kg CO2e and Scope 2 market-based emissions were 3,633,000 kg CO2e.

Looking at 2022, Wells Fargo's Scope 1 emissions were 77,476,000 kg CO2e, and Scope 2 market-based emissions were 4,424,000 kg CO2e. The company also disclosed Scope 3 emissions for 2022, including approximately 293,289,000 kg CO2e for capital goods, 27,403,000 kg CO2e for business travel, and 289,051,000 kg CO2e for employee commute. Purchased goods and services contributed 1,300,698,000 kg CO2e, waste generated in operations was 12,730,000 kg CO2e, and fuel and energy-related activities accounted for 123,938,000 kg CO2e.

For 2021, Wells Fargo's Scope 1 emissions were 73,319,000 kg CO2e, and Scope 2 market-based emissions were 1,792,000 kg CO2e. Their 2021 Scope 3 emissions included approximately 348,249,000 kg CO2e from capital goods, 4,795,000 kg CO2e from business travel, 218,795,000 kg CO2e from employee commute, 1,429,619,000 kg CO2e from purchased goods and services, 13,058,000 kg CO2e from waste generated in operations, and 121,357,000 kg CO2e from fuel and energy-related activities.

Wells Fargo has set several climate commitments. They aim to reduce Scope 1 and 2 greenhouse gas emissions by 70% from 2019 levels by 2030. Previously, they had targets to reduce greenhouse gas emissions by 45% from a 2008 baseline to 2020 for both Scope 1 and Scope 2. Another target committed to a 35% reduction in absolute greenhouse gas emissions below 2008 levels by 2020 for both Scope 1 and Scope 2. The company also has an intensity target for the power sector, aiming for a 63% reduction in portfolio emissions intensity, specifically 102 kgCO2e/MWh, from 2019 to 2030. Additionally, Wells Fargo has committed to a 50% absolute greenhouse gas emissions reduction from 2019 levels by 2030 for Scope 1 and Scope 2. The organisation also made a net-zero commitment with the Science Based Targets initiative (SBTi) for all scopes by 2050.