9-12-13 5:30 AM EDT | Email Article

Wells Fargo & Company (NYSE: WFC) today was recognized by the Carbon Disclosure Project (CDP) for its actions to reduce greenhouse gas emissions, achieving a position on the CDP Global 500 Climate Performance Leadership Index (CPLI). The announcement was made in the CDP Global 500 Climate Change Report 2013, an annual update for institutional investors on greenhouse gas emissions data and climate change strategies at the world’s largest public companies.

“About 93 percent of our Scope 1 and Scope 2 greenhouse gas emissions come from ‘purchased electricity’– or anything that runs on power. One of the many ways Wells Fargo is working to reduce that purchased electricity usage is through efficiencies in our data centers,” said Scott Dillon, executive vice president and head of technology infrastructure services for Wells Fargo. “We’re honored to again be among the select companies recognized for the significant environmental investments Wells Fargo has made to manage our impacts and support more sustainable development.”

“Earning this recognition was more challenging than ever,” said Mary Wenzel, senior vice president and head of Environmental Affairs for Wells Fargo since 2004. “We were asked to quantify emissions from our entire operational supply chain, from what we buy to what we sell, and everything in between. Our hope is to give team members and customers more visibility into the environmental impacts of our business and to better direct initiatives and business priorities toward efforts with the greatest positive return. Eventually, this data can be used to help our customers make more informed purchasing decisions. For example, consumers can discover which banking account, or which can of soup, has the smallest environmental footprint.”

Wells Fargo first appeared on the CDP Disclosure Leadership Index in 2008 and continues to develop aggressive goals toward investing in environmental solutions. Wells Fargo reduced greenhouse gas emissions by 6 percent in 2012, or by 18 percent since 2008. Earlier this year, the company also was recognized by the Environmental Protection Agency’s Center for Corporate Climate Leadership with a Goal Setting award for Excellence in Greenhouse Gas Management.

Paul Simpson, chief executive officer of CDP, commented: “We congratulate companies in the Climate Performance Leadership Index for their pioneering efforts to combat climate change and grow low carbon economies at this critical time.”

The annual index highlights companies listed on the FTSE Global Equity Index Series (Global 500) that demonstrate strategies committed to improving impacts on the environment. Achieving an ‘A band’ for climate performance is a prerequisite for a position on the CPLI, which is based on a number of criteria associated with measuring, verifying and managing carbon footprints. Wells Fargo is one of 56 Global 500 companies featured in the 2013 CPLI.

In 2012, Wells Fargo committed to provide an additional $30 billion in financing to support environmental business opportunities by 2020. In the first year of this commitment, the company exceeded expectations and deployed more than $6.4 billion, including: more than $4.7 billion for LEED®, ENERGY STAR, Brownfield site redevelopment, and other green building and development projects; more than $500 million in wind and solar projects; and another $250 million toward clean energy companies, organizations, and assets. The company loaned or invested more than $1 billion through its corporate, commercial, and community bank stores across the country to businesses, nonprofits, and other customers focused on green business such as sustainable agriculture, resource management, and conservation.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 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, and 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. With more than 270,000 team members, Wells Fargo serves one in three households in the United States.

Wells Fargo & Company was ranked No. 25 on Fortune’s 2013 rankings of America’s largest corporations. In 2012, Wells Fargo invested a total of $315.8 million in 19,500 nonprofits. For more information, please visit: www.wellsfargo.com/environment and www.blogs.wellsfargo.com/environment/.

About CDP

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 works with market forces, including 722 institutional investors with assets of US$87 trillion, to motivate companies to disclose their impacts on the environment and natural resources and take action to reduce them. CDP now holds the largest collection globally of primary climate change, water and forest risk commodities information and puts these insights at the heart of strategic business, investment and policy decisions. Please visit www.cdp.net or follow us @CDP to find out more.

Wells Fargo & Company
Pia Hahn, 213-247-4527 (Media)
Jim Rowe, 415-396-8216 (Investors)

Copyright Business Wire 2013
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