Wells Fargo & Co (NYSE:WFC) has disclosed that 100% of its worldwide electricity consumption needs are met by renewable energy sources. In order to achieve this milestone the lender bought Renewable Energy Certificates for over two million MWh in 2017. Most of the electricity that Wells Fargo buys is consumed at its corporate offices, branches and data centers.
“Like so many of our customers, Wells Fargo strongly supports accelerating the development and production of renewable energy. Meeting our global electricity requirements with 100 percent renewable energy demonstrates our leadership in operational efficiency,” the chief executive officer of Wells Fargo, Tim Sloan, said.
Besides leveraging a green energy strategy with a view to advancing operational efficiency, the lender has also provided support to the development of green energy and technology. For instance, since 2012 the lender has financed businesses and projects that are beneficial to the environment to the tune of over $70 billion.
This includes a carport solar system at the Kern High School District. Last year over 8% of all solar photovoltaic and wind energy that was produced in the United States was generated by projects that are either wholly owned or partly owned by Wells Fargo.
The U.S. lender has also engaged in renewable energy philanthropy by supporting green energy innovations via a $30 million deal with the NREL – National Renewable Energy Laboratory. Wells Fargo has also provided substantial financial support to nonprofit GRID Alternatives. This is an organization committed to providing renewable energy to communities that are either low-income or moderate income.
Additionally properties of the lender also produce some of the renewable energy since some of the have solar panels installed on them. Wells Fargo also has a couple of other 2020 goals all geared towards sustainability of the environment. By the time the second quarter was coming to an end most of these goals were on track to being achieved. The lender has for instance been able to reduce its energy consumption by 34% and carbon emissions by 42%.
On Wednesday shares of Wells Fargo ranged between $54.05 and $54.99 and closed the day at $54.26.