Wells Fargo Announces Record $6.4 Billion in Environmental Financing in 2012
Company on target to hit new environmental financing commitment; Total environmental financing reaches $21 billion
SAN FRANCISCO--(BUSINESS WIRE)-- Continuing to accelerate its support for a green economy, Wells Fargo & Company (NYS: WFC) announced today it provided $6.4 billion in loans and investments in 2012 to businesses and projects with a direct positive impact on the environment. This marks the company's first environmental financing update since announcing last year an expanded commitment to provide an additional $30 billion by 2020. Wells Fargo made its initial environmental financing commitment in 2005, and through 2011 the company provided $11.7 billion in loans and investments and more than $3.1 billion in additional financial services. Together, with today's record announcement of $6.4 billion, Wells Fargo has financed more than $21 billion for green businesses, green buildings, and clean energy customers since 2005.
According to its latest Environmental Finance Report, released today, Wells Fargo continued to increase its support for clean energy and green buildings in 2012. The company invested more than $500 million of tax equity in wind and solar projects, bringing its total to $2 billion for wind assets and more than $1 billion for solar projects across 29 states. Renewable energy systems in Wells Fargo's portfolio of over 300 projects produced approximately 16 terawatt-hours of electricity in 2012 - enough to power 1.2 million homes for one year. In addition, the company provided $3.1 billion for LEED®-certified buildings, $180 million toward Brownfield redevelopment projects and more than $700 million toward ENERGY STAR-certified properties. Wells Fargo also provided $900 million in loans and investments benefitting low-income communities or housing projects.
"As we continue to make progress toward our new $30 billion environmental financing goal, Wells Fargo is providing capital to support the next generation of resource management, clean energy and sustainable building solutions," said Barry Neal, head of Wells Fargo Environmental Finance. "Wells Fargo has long recognized this opportunity and we remain committed to supporting our customers who are leading the way in creating a more sustainable future."
Additional highlights from the 2012 report include:
More than $1 billion in loans or investments to customers focused on green business such as sustainable agriculture, resource management and conservation
More than $250 million in financing to companies and organizations dedicated to clean energy
Nearly $8 million in grants to support more than 400 environmental nonprofits, part of Wells Fargo's separate commitment to donate $100 million to environmental nonprofits by 2020
With more than 30 team members dedicated solely to renewable energy and clean technology businesses and products, Wells Fargo continues to build upon its core traditional banking services for companies in these sectors. The company's multiple cleantech-focused groups and regional teams work together to support green enterprises as they fuel long term economic growth.
Wells Fargo's environmental customers are served by a variety of the company's business teams around the world, including:
Global Cleantech Group
Securities Renewable Energy Group
Sustainable Public Infrastructure
Community Lending and Investment
Real Estate Banking and Real Estate Capital Markets
Equipment Finance and Commercial Asset Leasing and Financing
To access the complete 2012 report, please visit: https://www.wellsfargo.com/downloads/pdf/about/csr/reports/environmental_finance_report.pdf
A leader in reducing its own greenhouse gas emissions and building sustainably, Wells Fargo has been recognized by the U.S. Environmental Protection Agency's Center for Corporate Climate Leadership, the Carbon Disclosure Project and the U.S. Green Building Council. Since 2005, Wells Fargo has provided more than $21 billion in environmental finance, supporting sustainable buildings and renewable energy projects nationwide. This includes investments in more than 260 solar projects and 34 wind projects that generate enough clean renewable energy to power hundreds of thousands of American homes each year. For more information, please visit. www.wellsfargo.com/environment.
About Wells Fargo & Company
Wells Fargo & Company (NYS: 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. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially.
Wells Fargo & Company
Katie Ellis, 415-222-3767
KEYWORDS: United States North America California
The article Wells Fargo Announces Record $6.4 Billion in Environmental Financing in 2012 originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.