San Francisco, CA — Wells Fargo’s choice to abandon its climate goals is a dangerous move that puts short-term profits over people, the planet, and the future. By dropping its promises to cut its portfolio emissions from high-emitting sectors by 2030 and reach net-zero financed emissions by 2050, Wells Fargo clears the way for the bank to pour even more money into dirty fossil fuels and locks all of us into a future of more pollution, more extreme weather disasters, and more communities being devastated by health crises.
By doubling down on dirty fossil fuels, instead of being a leader in the transition to clean energy, Wells Fargo puts a deposit on the suffering of future generations.
RAN Policy and Bank Engagement Lead, Allison Fajan Turner, responded to the news with the following:
“This move is a cowardly surrender to political pressure. It comes after months of backtracking, including Wells Fargo’s brazen exit from the Net Zero Banking Alliance and the resignation of its first chief sustainability officer in frustration. This is not the behavior of a company that takes climate change seriously—it’s the behavior of a company that puts money over morals.
Their choice represents an egregious dereliction of Wells Fargo’s responsibilities to manage its climate financial risks. All depositors, investors, and shareholders should seriously reconsider their relationship with an institution that chooses to act so irresponsibly. By prioritizing short-term gains over long-term sustainability, Wells Fargo is jeopardizing the financial well-being of its stakeholders and the planet.”
Rainforest Action Network will keep fighting to hold Wells Fargo accountable and push for real action. We demand the bank stop funding climate destruction and shift its focus toward supporting clean energy and climate solutions that are essential for a safe and prosperous future.
