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.
-2 vs industry average
Wells Fargo’s score of 53 is lower than 46% 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 its greenhouse gas emissions. For the reporting year 2024, Scope 1 emissions were approximately 79.3 million kg CO2e, and Scope 2 market-based emissions were about 2.4 million kg CO2e. Using location-based figures, Scope 2 emissions were approximately 540.9 million kg CO2e. The total for Scope 1 and 2 market-based emissions was roughly 81.7 million kg CO2e, and location-based was approximately 620.2 million kg CO2e. In 2023, Scope 1 emissions were approximately 82.4 million kg CO2e, and Scope 2 market-based emissions were about 3.6 million kg CO2e. The corresponding location-based Scope 2 emissions were approximately 558.6 million kg CO2e. Total Scope 1 and 2 market-based emissions amounted to about 86.0 million kg CO2e, while location-based totalled approximately 641.0 million kg CO2e. Wells Fargo has set several reduction targets. The company aimed to reduce greenhouse gas emissions by 45% from 2008 levels by 2020 for both Scope 1 and Scope 2 emissions. More recently, Wells Fargo has established operational sustainability goals for 2030, including a target to reduce Scope 1 and Scope 2 greenhouse gas emissions by 70% from 2019 levels. They have also committed to reducing absolute greenhouse gas emissions by 50% from 2019 levels by 2030. In the power sector, there is a target for a 63% reduction in portfolio emissions intensity to 102 kgCO2e/MWh by 2030, based on 2019 levels. Furthermore, as of 2023, suppliers representing 60% of applicable Scope 3 greenhouse gas emissions are expected to set Science Based Targets (SBTs) by 2024. The company also has a long-term commitment to 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
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