Wells Fargo is joining the ranks of Goldman Sachs, Citigroup and JPMorgan Chase in revising its role when it comes to the environment.
The bank has set a goal of net zero greenhouse gas emissions by 2050. This is a major step for Wells Fargo considering the bank has long been a major proponent of oil, natural gas and coal projects that activists say threaten the planet, according to a CNN report.
The goal to move away from fossil fuels and turn toward clean energy, according to the bank, is a client-driven decision. Wells Fargo has not yet detailed how it will reach the zero emissions goal but the bank plans to disclose interim targets for select carbon intensive businesses, including oil, gas and the power sector, by no later than the end of 2022.
Wells Fargo is promising to invest $500 billion into wind, solar and other sustainable finance projects by 2030, which marks an acceleration of the $157 billion the bank has invested in sustainable businesses and projects since 2012.