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March 9, 2021

Wells Fargo to deploy $500bn in sustainable financing by 2030

Wells Fargo has announced plans to invest $500bn in sustainable financing by 2030 to support the transition to a low-carbon economy.

By Umesh Ellichipuram

Wells Fargo has announced plans to invest $500bn in sustainable financing by 2030 to support the transition to a low-carbon economy.

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How can hydrogen ride the sustainability wave?

The Hydrogen market is expected to expand significantly in the next few years – GlobalData has tracked more than 43.6 mtpa of total active and upcoming low carbon hydrogen production capacity (green and blue hydrogen). As the industry develops and the cost of producing hydrogen drops, demand is expected to increase significantly. As a result, countries across the world are announcing much needed supporting policy framework for hydrogen. While refining and ammonia production have traditionally been the key consumer sectors for hydrogen, new uses such as transport and energy storage are set to influence the market. While green hydrogen presently has a small share in the overall production mix, it is poised to increase given the ambitious targets announced by various countries. GlobalData’s report provides insights into key issues in the emerging hydrogen space, such as:
  • Hydrogen value chain
  • Demand drivers
  • Key application areas
  • Technology trends
Read this report and formulate winning strategies for your business.
by GlobalData
Enter your details here to receive your free Report.

As part of this, the company will create an Institute for Sustainable Finance. This body will manage deployment of the financing to sustainable businesses and projects. The institute will also support science-based research on low-carbon solutions.

The company aims to produce net-zero greenhouse gas emissions from both its business and its investments, across Scopes 1, 2, and 3, by 2050.

Wells Fargo CEO Charlie Scharf said: “Climate change is one of the most urgent environmental and social issues of our time, and Wells Fargo is committed to aligning our activities to support the goals of the Paris Agreement and to helping transition to a net-zero carbon economy.

“The risks of not taking action are too great to ignore, and collective action is needed to avoid the significant impact on our most vulnerable communities.

“We have a responsibility to help find solutions and are committed to deploying our resources and working closely with our clients in this transition.”

As part of its investments, the company will disclose emissions data for “select carbon-intensive portfolios” and work with clients to reduce emissions. The bank will set interim emissions reduction targets no later than the end of next year.

Wells Fargo will also disclose how it measures Scope 3 emissions, and eventually disclose all financed emissions “as sufficiently reliable data becomes available”.

Additionally, Wells Fargo plans to integrate climate considerations into the company’s risk management framework.

Related Companies

Free Report
img

How can hydrogen ride the sustainability wave?

The Hydrogen market is expected to expand significantly in the next few years – GlobalData has tracked more than 43.6 mtpa of total active and upcoming low carbon hydrogen production capacity (green and blue hydrogen). As the industry develops and the cost of producing hydrogen drops, demand is expected to increase significantly. As a result, countries across the world are announcing much needed supporting policy framework for hydrogen. While refining and ammonia production have traditionally been the key consumer sectors for hydrogen, new uses such as transport and energy storage are set to influence the market. While green hydrogen presently has a small share in the overall production mix, it is poised to increase given the ambitious targets announced by various countries. GlobalData’s report provides insights into key issues in the emerging hydrogen space, such as:
  • Hydrogen value chain
  • Demand drivers
  • Key application areas
  • Technology trends
Read this report and formulate winning strategies for your business.
by GlobalData
Enter your details here to receive your free Report.

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