SAN FRANCISCO, CA — Wells Fargo & Company's environmental financing has exceeded $3 billion, hurdling past its goal of providing $1 billion in commitments to Earth-friendly projects and doing so two years earlier than expected.
"Our environmentally-focused investments and loans are a significant new area of business for Wells Fargo," said Barry Neal, director of Environmental Finance, in a statement this week of his company's progress. "Over the past three years we've focused on renewable energy, resource efficiency, and sustainability in our work with our customers – helping to protect our environment and grow our businesses."
Wells Fargo's $1 billion goal was included in the 10-point environmental commitment the firm issued in 2005. Its financing of projects thus far and progress on other points are noted in updates about the pledge.
The environmental financing includes:
o - More than $2 billion toward green building projects that are designed to meet Leadership in Energy and Environmental Design (LEED) certification standards set by the U.S. Green Building Council as reported in November.
o - More than $700 million to support solar and wind energy projects across the country. The renewable energy programs are expected to generate enough power for 475,000 residential households.
o - Some $500 million to support business customers for whom sustainability is focal point of their missions, such as renewables, efficiency, resource management and sustainable agriculture and forestry.
o - About $50 million for nonprofit organizations that improve the environment in low- to moderate-income communities.
"Climate change and energy issues require diverse solutions and support from all areas of our society," said Neal. "We see significant growth potential in all areas related to clean energy, resource efficiency and the environment and are excited about building upon what we have accomplished to date."