Wells Fargo & Company (NYSE: WFC) today announced it has been recognized by the Carbon Disclosure Project (CDP) for its actions to reduce greenhouse gas emissions and mitigate the risks of climate change. The CDP Carbon Leadership Indexes, which is compiled by PwC on behalf of CDP, provides an evaluation tool for institutional investors. Wells Fargo is included in four categories:
- 2012 CDP Global 500 Carbon Performance Leadership Index and the
2012 CDP S&P 500 Carbon Performance Leadership Index.
The first category recognizes 33 companies from within the FTSE Global Equity Index Series (Global 500). The second highlights 15 companies from the S&P 500 index that have demonstrated a strong approach to climate strategy and emissions reduction in their CDP responses.
- 2012 CDP Global 500 Carbon Disclosure Leadership Index and the
2012 CDP S&P 500 Carbon Disclosure Leadership Index.
The first category recognizes 51 companies from the Global 500; the second highlights 53 companies from the S&P 500 for disclosure of risks and opportunities related to climate change. Companies are scored on their climate change disclosure and high scores indicate good internal data management and understanding of climate change related issues affecting the company.
“We’re honored to be among the select companies in these leadership indexes recognized for the significant environmental investments Wells Fargo has made across the company to build stronger, more sustainable communities,” said Mary Wenzel, senior vice president and head of Environmental Affairs for Wells Fargo since 2004. “We seek to ensure that as we do business, natural resources are protected, and that environmental, social and economic considerations are part of our everyday decisions. In this integrated approach to sustainability, we are committed to finding new ways to minimize our energy consumption, address climate change, use renewable sources of energy, and inspire others to do the same so that together we can leave our planet healthy for future generations.”
Wells Fargo first appeared on the CDP Disclosure Leadership Index in 2008 and continues to develop aggressive goals toward investing in environmental solutions. This year it also has made the Carbon Performance Leadership Index. Paul Simpson, chief executive officer of CDP, commented: “Companies in the Carbon Performance Leadership Index are demonstrating a clear commitment to manage their greenhouse gas emissions and take action on climate change. Organizations which work to reduce their emissions and integrate climate change issues into their business strategies have the potential for cost savings, revenue generating opportunities and, ultimately, a more resilient future.”
Wells Fargo’s goal is to provide $30 billion in financing to environmentally beneficial businesses by 2020 and is working to ensure that all operational decisions include the protection of natural resources. Stated company goals also include 35 percent conversion of Wells Fargo’s buildings to LEED certification; increasing waste diversion rates to 65 percent; increasing energy efficiency by 40 percent; and a 35 percent reduction in absolute greenhouse gas emissions below 2008 levels, among others. The Company also will give $100 million in grants to support the work of environmental nonprofits by 2020.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. In 2011, the Company invested $213.5 million in grants in 19,000 nonprofits, and team members contributed more than 1.5 million volunteer hours around the country. For more information, please visit: www.wellsfargo.com/environment.
The Carbon Disclosure Project (CDP) is an international, not-for-profit organization providing the only global system for companies and cities to measure, disclose, manage and share vital environmental information. CDP harnesses the power of market forces, including 655 institutional investors with assets of US$78 trillion, to collect information from companies on their greenhouse gas emissions and assessment of climate change and water risk and opportunity. CDP now holds the largest collection globally of primary climate change and water data and puts these insights at the heart of strategic business, investment and policy decisions.
The Global 500 report including names of companies featured in the CPLI and the methodology used can be found at www.cdproject.net.