On March 8, 2021, Wells Fargo announced a major step in its efforts to support the transition to a low-carbon economy by setting a goal of net zero greenhouse gas emissions—including its financed emissions—by 2050. To help meet this ambitious goal, Wells Fargo will measure and disclose financed emissions for select carbon-intensive portfolios; set interim emission reduction targets; deploy more capital to finance climate innovation; and continue to work with its clients on their own emissions reductions efforts. The company will also launch an Institute for Sustainable Finance to manage the deployment of $500 billion of financing to sustainable businesses and projects by 2030, as well as support science-based research on low-carbon solutions and advocate for policies that enable client transitions.
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