Wells Fargo on Thursday revealed new targets to reduce greenhouse gas emissions through its financing of firms in the oil and gas sector.
The bank’s interim targets aim to reduce the absolute emissions of companies it lends to in the oil and gas sector by 26% of its 2019 levels by 2030, with a 60% reduction in “portfolio emissions intensity” of those in the power sector.
The move sets Wells on track to its overall ambition to achieve net zero carbon emissions by 2050.
The bank added in a statement that it expects to publicly report on the progress made against its targets and that it plans to set additional targets for other key emitting sectors.
Wells is the latest U.S. bank to set targets to reduce carbon emissions from companies that it finances, in line with the UN’s Net Zero Banking Alliance.
Climate activists have calculated that from 2016 to 2021, Wells has provided $272 billion to the fossil fuel sector.
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