Wells Fargo

Wells Fargo's Carbon Emissions & Climate Commitments

Wells Fargo, a US-based commercial banking firm, reported its Scope 1 emissions for 2024 as 79,285,000 kg CO2e and Scope 2 (market-based) emissions as 2,372,000 kg CO2e. For 2023, these figures were 82,410,000 kg CO2e for Scope 1 and 3,633,000 kg CO2e for Scope 2 (market-based).

In 2022, Wells Fargo disclosed Scope 1 emissions of 77,476,000 kg CO2e, Scope 2 (market-based) emissions of 4,424,000 kg CO2e, and Scope 3 emissions totalling about 2.2 billion kg CO2e. This Scope 3 breakdown included 1,300,698,000 kg CO2e from purchased goods and services, 293,289,000 kg CO2e from capital goods, 289,051,000 kg CO2e from employee commute, 123,938,000 kg CO2e from fuel and energy-related activities, 27,403,000 kg CO2e from business travel, and 12,730,000 kg CO2e from waste generated in operations.

Wells Fargo has set several climate targets:

• A 2030 goal to reduce Scope 1 and Scope 2 greenhouse gas emissions by 70% from 2019 levels. This target is considered on track for Scope 2, but off track for Scope 1.
• Another 2030 target aims to reduce absolute Scope 1 and Scope 2 emissions by 50% from 2019 levels. This is on track for Scope 2 but off track for Scope 1.
• Previous goals included a 45% reduction in Scope 1 and Scope 2 greenhouse gas emissions from a 2008 baseline by 2020. Another target aimed for a 35% reduction in absolute Scope 1 and Scope 2 greenhouse gas emissions below 2008 levels by 2020.
• The company also has an intensity target for the power sector, aiming for a 63% reduction in portfolio emissions intensity (102 kgCO2e/MWh) between 2019 and 2030.
• Wells Fargo has committed to net-zero emissions through the Science Based Targets initiative (SBTi), with a long-term target encompassing all scopes for 2050. The company also aims for 60% of applicable Scope 3 GHG emissions from its suppliers to be covered by SBTs by 2024.