Wells Fargo & Company, commonly known as Wells Fargo, is a leading player in the commercial banking industry, headquartered in the United States. Founded in 1852, the bank has established a significant presence across major operational regions, including the West Coast and the Midwest, serving millions of customers nationwide.
Wells Fargo offers a diverse range of financial services, including personal and business banking, investment management, and mortgage solutions. Its commitment to innovation and customer service sets it apart in a competitive market. Notably, Wells Fargo has achieved recognition for its extensive branch network and robust digital banking capabilities, making it a trusted choice for both individuals and businesses. With a rich history and a focus on community engagement, Wells Fargo continues to be a prominent force in the commercial banking sector.
-4 vs industry average
Wells Fargo’s score of 52 is lower than 45% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Industry Intensity
Commercial Banking is among the least carbon-intensive industries
Industry performance
The Commercial Banking industry has increased its overall emissions by 16% since 2019
Emissions trajectory 2020 – 2027
Reported emissions
Scope 3 accounts for ••• of total emissions.
Wells Fargo's reported carbon emissions
Wells Fargo, a US-based commercial banking institution, has reported various emissions figures across different scopes and years.
For 2024, Scope 1 emissions were approximately 79,285,000 kg CO2e, and Scope 2 emissions (market-based) were approximately 2,372,000 kg CO2e. The location-based Scope 2 emissions were significantly higher at about 540,874,000 kg CO2e. Wells Fargo reported having data for Scope 1 and Scope 2 for this year, but Scope 3 data was not disclosed.
In 2023, Scope 1 emissions were approximately 82,410,000 kg CO2e. Scope 2 emissions, using the market-based approach, were around 3,633,000 kg CO2e, while the location-based figure was approximately 558,616,000 kg CO2e. Similar to 2024, Scope 3 data was not reported.
Moving to 2022, the company disclosed Scope 1, 2, and 3 emissions. Scope 1 emissions totalled approximately 77,476,000 kg CO2e, and Scope 2 (market-based) was about 4,424,000 kg CO2e. Location-based Scope 2 emissions were approximately 593,495,000 kg CO2e. Scope 3 emissions for 2022 included purchased goods and services at approximately 1,300,698,000 kg CO2e, employee commute at about 289,051,000 kg CO2e, and capital goods at approximately 293,289,000 kg CO2e. Other significant Scope 3 categories included fuel and energy-related activities (approximately 123,938,000 kg CO2e), business travel (approximately 27,403,000 kg CO2e), and waste generated in operations (approximately 12,730,000 kg CO2e).
For 2021, Scope 1 emissions were approximately 73,319,000 kg CO2e, and Scope 2 (market-based) was around 1,792,000 kg CO2e. Location-based Scope 2 emissions were about 569,633,000 kg CO2e. Scope 3 emissions for 2021 included purchased goods and services at approximately 1,429,619,000 kg CO2e, employee commute at about 218,795,000 kg CO2e, and capital goods at approximately 348,249,000 kg CO2e. Fuel and energy-related activities contributed roughly 121,357,000 kg CO2e, business travel approximately 4,795,000 kg CO2e, and waste generated in operations about 13,058,000 kg CO2e.
Climate Commitments and Reduction Targets:
Wells Fargo has established several emissions reduction targets. Notably, the company aimed to reduce greenhouse gas emissions by 45% from a 2008 baseline by 2020, covering both Scope 1 and Scope 2 emissions. More recently, Wells Fargo has set refreshed operational sustainability goals for 2030, including a target to reduce GHG emissions (Scope 1 and 2) by 70% from 2019 levels. There is also a specific goal to reduce absolute greenhouse gas emissions by 50% from 2019 levels by 2030. The company also has a commitment that by 2024, suppliers representing 60% of applicable Scope 3 GHG emissions will set Science Based Targets (SBTs).
Wells Fargo is also committed to achieving net-zero emissions by 2050.
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Wells Fargo’s Climate Goals (2030 & 2050)
4 goals2030
70% reduction in Scope 2
Wells Fargo has set refreshed operational sustainability goals for 2030: Reducing GHG emissions (Scope 1 and 2) from 2019 levels by 70%.
2030
62% reduction in total GHG
Vs 2019 baseline. Validated by SBTi. Includes full supply chain.
2040
50% reduction in Scope 3 intensity
Across purchased goods and services and logistics.
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Scope 3 top emissions categories
6 of 15 categories disclosedSee all scope 3 categories
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Climate initiatives
Science Based Targets Initiative
Carbon Disclosure Project
The Climate Pledge
UN Global Compact Climate Champions initiative
RE 100
Climate Action 100
Emissions comparison with industry peers
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Wells Fargo
Frequently asked questions
Common questions about Wells Fargo’s sustainability data and climate commitments
Data year: 2024
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