Wells Fargo’s Rollback of Financed Emissions Goals Raises Investor Concern

PRESS STATEMENT FOR IMMEDIATE RELEASE 

Wells Fargo’s Rollback of Its Financed Emissions Goals Raises Investor Concern  

MEDIA CONTACT: Ryon Harms, ryon@asyousow.org, 310.730.9407 

EL CERRITO, CALIFORNIA—March 3, 2025—Wells Fargo recently announced an intent to end its greenhouse gas reduction targets, setting the stage for financing decisions unbounded by greenhouse gas limits or goals – an outcome likely to contribute significantly to climate harm.  

"Wells Fargo's rollback of its greenhouse gas targets is a retreat from responsible governance and an alarming abdication of its responsibilities to clients and investors” said Danielle Fugere, President & Chief Counsel of As You Sow. “Investors expect banks to mitigate risk, not accelerate it.” 

In 2019, investor representative As You Sow filed a shareholder resolution with Wells Fargo seeking a policy aligning the bank’s financed emissions with Paris Agreement goals. Following adoption of those goals, in 2023, it asked Wells for a transition plan aligning its financing activities with its 2030 sectoral climate targets -- a transition plan the bank was well on its way to implementing. On Friday it jettisoned those targets and plans. 

“Wells Fargo abandons its emissions targets at a time when the economic consequences of climate change are more apparent than ever,” said Fugere. “At less than 1.5 degrees warming, climate change is destabilizing the American insurance market as insurers find they cannot profitably insure homes in the face of catastrophic, climate-fueled weather events.  

By eliminating its financed emissions targets, Wells Fargo prioritizes political convenience over financial prudence, leaving investors and clients to bear the growing financial consequences of climate-related financial risk.” 

“Any financial institution considering abandoning its emissions targets should reconsider,” said Andrew Behar, CEO of As You Sow. “Investors are concerned about this shift, especially fiduciaries with a duty to protect their beneficiaries from the growing likelihood of declining financial returns associated with climate change.” 

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As You Sow is the nation’s leading shareholder representative, with a 30-year track record promoting environmental and social corporate responsibility. Its focus areas include climate change, ocean plastics, toxins in the food system, the Rights of Nature, racial justice, and workplace diversity. Click here to view As You Sow’s shareholder resolution tracker.