Climate Change Data

Wells Fargo & Company

Climate Impact & Sustainability Data (2021, 2023)

Reporting Period: 2021

Environmental Metrics

Total Carbon Emissions:857,929 MTCO2e (Scope 1 & 2 location based) 2021
Scope 1 Emissions:73,319 MTCO2e 2021
Scope 2 Emissions:569,633 MTCO2e 2021 (location based)
Scope 3 Emissions:1,429,619 + 348,249 + 121,357 + 13,058 + 4,795 + 218,795 = 2,135,873 MTCO2e 2021 (estimated)
Renewable Energy Share:108% 2021 (primarily from unbundled RECs)
Total Energy Consumption:1,894,141 MWh 2021
Water Consumption:5,454,839 cubic meters 2021
Waste Generated:50,139 short tons 2021
Carbon Intensity:8.2 MTCO2e/million USD revenue 2021

ESG Focus Areas

  • Environmental Sustainability
  • Social Impact
  • Diversity, Equity, and Inclusion

Environmental Achievements

  • Reduced total energy consumption by 15% from 2019 baseline
  • Reduced total waste stream by 38% from 2019 baseline
  • Reduced water consumption by 30% from 2019 baseline
  • Reduced total Scope 1 and Scope 2 (location) GHG emissions by 25% from 2019 baseline
  • Contracted for 210 megawatts (MW) of new renewable energy generation
  • Met 100% of its electricity consumption with renewable energy

Social Achievements

  • Donated nearly $615 million in charitable contributions in 2021
  • Financed $29.6 billion and $7.8 billion for new purchase loans to serve over 58,000 minority households and over 38,000 low- and moderate-income households respectively
  • Helped over 81,756 Black and African American families and individuals become homeowners with $21.4 billion in mortgage financing
  • Helped 207,248 Hispanic and Latino families and individuals become homeowners through $54.8 billion in mortgage financing
  • Provided approximately 282,000 Paycheck Protection Program (PPP) loans totaling nearly $14 billion
  • Fulfilled its roughly $420 million Open for Business Fund commitment

Governance Achievements

  • Significant refreshment of the Board of Directors to enhance skills and experience
  • Women on Board of Directors increased to 36% in 2022
  • Implemented a comprehensive risk-based sanctions compliance program
  • Implemented a reasonably designed Anti-Bribery and Corruption (ABC) program

Climate Goals & Targets

Long-term Goals:
  • Net-zero greenhouse gas emissions by 2050
Medium-term Goals:
  • Deploy $500 billion of financing to sustainable businesses and projects by 2030
Short-term Goals:
  • Not disclosed

Environmental Challenges

  • Not disclosed
Mitigation Strategies
  • Not disclosed

Supply Chain Management

Supplier Audits: 74% participation in CDP survey 2021

Responsible Procurement
  • Supplier Code of Conduct

Climate-Related Risks & Opportunities

Physical Risks
  • Not disclosed
Transition Risks
  • Not disclosed
Opportunities
  • Not disclosed

Reporting Standards

Frameworks Used: GRI, SASB, TCFD

Certifications: Null

Third-party Assurance: Independent third-party accountant

UN Sustainable Development Goals

  • Not disclosed

Not disclosed

Sustainable Products & Innovation

  • Not disclosed

Awards & Recognition

  • Five industry awards in 2021 in recognition of training excellence

Reporting Period: 2023

Environmental Metrics

Total Carbon Emissions:86,044 MTCO2e (Scope 1 & 2 market-based)
Scope 1 Emissions:82,410 MTCO2e
Scope 2 Emissions:558,616 MTCO2e (location-based)
Scope 3 Emissions:3,415,876 MTCO2e (categories 3 and 7)
Renewable Energy Share:101% (of total electricity consumption)
Total Energy Consumption:1,838,422 MWh
Water Consumption:6,066,842 cubic meters
Waste Generated:51,370 short tons

ESG Focus Areas

  • Climate Action
  • Community Impact
  • Corporate Governance and Ethics
  • Risk Management
  • Employee Well-being

Environmental Achievements

  • Reduced total energy consumption by 18% from 2019 baseline
  • Reduced water consumption by 22% from 2019 baseline
  • Reduced total waste stream by 37% from 2019 baseline
  • Met 100% of global electricity consumption with renewable energy (primarily unbundled Renewable Energy Certificates)
  • Originated, committed, advised, or facilitated approximately $178 billion in sustainable finance (2021-2023)

Social Achievements

  • Awarded a $7.5M grant to Habitat for Humanity International to build and repair homes
  • Provided ~17K hours of mentorship for Connect to More℠ participants
  • Donated $650M+ to help address housing access and affordability since 2019
  • Provided Credit Builders Alliance a $1.5M grant to assist organizations serving credit insecure individuals
  • Donated ~$23M in sustainability-focused grants to nonprofit organizations

Governance Achievements

  • Implemented Environmental and Social Impact Management (ESIM) Framework
  • Annual pay equity review showed women earning more than 99 cents for every $1 earned by male peers, and U.S. racially/ethnically diverse employees earning more than 99 cents for every $1 earned by Caucasian/white peers
  • Established Office of Consumer Practices to ensure fair and transparent products, services, and business practices

Climate Goals & Targets

Long-term Goals:
  • Net zero emissions
Medium-term Goals:
  • $500 billion in sustainable finance by 2030

Environmental Challenges

  • Challenges associated with data availability and quality
  • Evolving standards and methodologies for measuring, reporting and verifying ESG-related metrics
  • Evolving information security threats
Mitigation Strategies
  • Engaged third-party carbon accounting software platform for GHG emissions calculations
  • Implemented comprehensive information security program aligned with industry standards
  • Investing in emerging technologies to proactively monitor new vulnerabilities and reduce risk

Supply Chain Management

Supplier Audits: Approximately 50 forums reaching more than 5,000 internal and external participants; 234 suppliers invited to participate in CDP survey, 372 participated.

Responsible Procurement
  • Supplier Code of Conduct

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: GRI, SASB, TCFD, UNGC

Third-party Assurance: KPMG LLP (limited assurance on sustainable finance assertion)

UN Sustainable Development Goals

  • Goal 1
  • Goal 3
  • Goal 4
  • Goal 5
  • Goal 7
  • Goal 8
  • Goal 9
  • Goal 10
  • Goal 11
  • Goal 13

Identified SDGs as most germane to efforts and informed Sustainability Impact Areas.

Awards & Recognition

  • Nine Brandon Hall Excellence Awards (2023)