Wells Fargo

"Wells Fargo has set a net zero target to achieve net-zero greenhouse gas emissions, including financed emissions, by 2050. Net Zero Tracker
This target covers Scope 1, Scope 2, and relevant Scope 3 emissions, including emissions from investments or financed emissions. Net Zero Tracker
An interesting fact about Wells Fargo's environmental policy is that the company achieved carbon neutrality in its operations (Scope 1 and Scope 2) in 2019 and again in 2020. Net Zero Tracker
They also plan to set and disclose interim targets for select carbon-intensive portfolios, including the oil and gas sectors, and power sector, by the …"

Current Score (vs. LY)

42.0 pts (-9.0)

Last Update: Dec. 12, 2023

Current Rankings

Global: #90

S&P100: #63

Financials: #16

66.7%

Transparency

Quality of climate reporting based on public disclosures, completeness and verification of GHG emissions

30.0%

Commitments

Level of ambition through gross absolute emissions reduction and 'net zero' targets

33.3%

Results

Results and actions to deliver on commitments for real

Greenhouse Gas Emissions

Last 3 Years Emissions Data Summary

Y2021Y2020Y2019
Scope 1 73,31982,40391,993
Scope 2 - location-based 569,633694,011771,327
Scope 2 - market-based 1,7923,6144,988
Scope 1-2 - location-based 642,952776,414863,320
Scope 1-2 - market-based 75,111 86,017 96,981
Scope 3 2,135,8732,467,8473,610,451
Total - location-based 2,778,8253,244,2614,473,771
Total - market-based 2,210,984 2,429,894 3,559,012

Note: Data sources detailed here

Y2022 Y2021
Total CO2e estimate (by Net0Tracker) 2,014,5272,210,984
Methodology Previous year intensity (revenue)As reported

Carbon emissions are estimated according to comparable years, intensity and sector benchmarks

Performance vs. Target

Note: Targets without baseline are ignored. In case several targets exist, only the shorter-term target is displayed.


Value Chain (scope 3) Emissions by Category

Emissions Trajectory (Full Scopes)



Please refer to the library for viewing the supporting documentation

Despite our best efforts to report accurate data based on publicly-available information, some data may be wrong, inaccurate or outdated. If it is the case, please reach out and report the issues. Email

Sector Benchmark

Note: Latest GHG and revenue data (based on tradingview.com) are used to calculate GHG emissions intensity by sector. The color scale of each bubble depends on the GHG intensity (GHG emissions per 1 million USD revenue). Sectors follow the Global Industry Classification Standard (GICS) that organize companies based on their primary business activities. The 11 sectors are : Information Technology, Health Care, Financials, Consumer Discretionary, Communication Services, Industrials, Consumer Staples, Energy, Utilities, Real Estate, and Materials.

Wells Fargo belongs to the sector Financials.

Despite our best efforts to report accurate data based on publicly-available information, some data may be wrong, inaccurate or outdated. If it is the case, please reach out and report the issues. Email

Reduction and Net Zero Targets

>Note: intensity targets are not represented in the current version - see Methodology

Gross Absolute Emission Reductions

There is no absolute emission reduction recorded in our database. Email us to report missing information Email


Net Absolute Emission Reductions

Scope Reduction Objectives Base Year Target Year Comments
S1S2S3MKT 100.0 2020 2050

Net Zero Future Commitments

Scope Scope 3 Coverage Target Year Comments
S1S2S3LOC FULL 2050

Net Zero Policy

The company has a net zero policy : every year, carbon emissions will be balanced with carbon offsets, on OTHER scope emissions.


Science-based Targets (SBTI)

There is no Science-Based target recorded in our database. Email us to report missing information Email

Despite our best efforts to report accurate data based on publicly-available information, some data may be wrong, inaccurate or outdated. If it is the case, please reach out and report the issues. Email

Offsets

Last update for Wells Fargo by zerotracker.net: Jan. 21, 2024
Planning to use external offset credits Yes
Separate targets for emission reductions and removals No
Conditions on use of offset credits
  • No conditions specified
Plans for carbon dioxide removal (CDR) Not Specified

Additional notes: Wells Fargo purchased carbon offsets to achieve carbon neutrality for Scope 1 and Scope 2. They plan to provide offset conditions in the future, in line with NZBA expectations and industry practice (https://sites.wf.com/co2emission/CO2eMission_Methodology.pdf). "In 2022, Wells Fargo purchased carbon offsets from projects that remove and store carbon. A portion of these credits are Verified Carbon Standard (VSC) certified and have also achieved the add-on Climate, Community and Biodiversity (CCB) certification and are therefore VSC+CCB certified. The remaining portion is certified by the Climate Action Reserve (CAR)." Pg 39 of Sustainability and Governance Report (https://www08.wellsfargomedia.com/assets/pdf/about/corporate-responsibility/sustainability-and-governance-report.pdf)

Data source from zerotracker.net - For more information, see methodology

Score Summary

Ref Principle Score
(points) 		Max
(points) 		Delta
(points)
1 At least 2 years of GHG emissions for scope 1 and 2 are publicly-available and externally-verified 10.0 10.0 0.0
2 Scope 3 emissions are fully reported and externally-verified 10.0 10.0 0.0
3 CDP score demonstrates the level of transparent disclosures 0.0 10.0 -9.0
Transparency 20.0 30.0 -9.0
4 Net Zero Commitments by 2050 include an intermediate target and cover all the emissions 7.0 10.0 0.0
5 Net Zero targets demonstrate a high-level of emergency 5.0 10.0 0.0
6 Emission reduction targets on a forward-looking basis are ambitious 0.0 10.0 0.0
7 Targets are science-based as validated by SBTi 0.0 10.0 0.0
Commitments 12.0 40.0 0.0
8 Results re. operational emissions reduction: on-pace (performance-to-date) and momentum (forward-looking targets) 0.0 10.0 0.0
9 Results re. value chain emissions reduction: on-pace (performance-to-date) and momentum (forward-looking targets) 0.0 10.0 0.0
10 Implied Temperature Rating by MSCi 10.0 10.0 0.0
Results 10.0 30.0 0.0
Total 42.0 100.0 -9.0


Despite our best efforts to report accurate data based on publicly-available information, some data may be wrong, inaccurate or outdated. If it is the case, please reach out and report the issues. Email


Score Details

Criteria Results 2023 Score 2022 Score Vs. 2022 2021 Score
Criteria 1 : Transparency on operational emissions (Scope 1 + 2)
Are S1+S2 figures publicly-disclosed for the last reporting year and the preceding period? yes 5.0 / 5.0 5.0 0.0 5.0
Are S1+S2 figures verified by a 3rd-party for the last reporting year? yes 5.0/ 5.0 5.0 0.0 5.0
Criteria 2 : Transparency on value chain emissions (Scope 3)
Are the 15 categories fully or partly disclosed? full 5.0 / 5.0 5.0 0.0 5.0
Are S3 figures fully or partly verified by a 3rd-party for the last reporting year? full 5.0 / 5.0 5.0 0.0 5.0
Criteria 3 : Quality and Frequency of reporting
What is the latest CDP score (no later than the preceding year)? NONE 0.0 / 10.0 9.0 -9.0 9.0
How many interim reporting were provided between 2 reporting periods (GHG emissions only)?
Criteria 4 : Net Zero Commitments
Does the net 0 target include a statement of a generally-accepted net zero emission target by 2050? yes 3.0 / 3.0 3.0 0.0 3.0
Does the net zero target include an intermediate target by 2030? 2050 0.0 / 3.0 0.0 0.0 0.0
Does the net zero target include all the emissions? yes 4.0 / 4.0 4.0 0.0 4.0
Criteria 5 : Target year for Net Zero Commitments
Target year for achieving net zero emissions for S1+S2? Net Zero Policy 5.0 / 5.0 5.0 0.0 5.0
Target year for achieving net zero emissions for S1+S2+S3 combined? 2050 0.0 / 5.0 0.0 0.0 0.0
Criteria 6 : Reduction objectives
What is the forward-looking GHG% reduction (without compensation) for scope 1+2?
0.0 / 5.0 0.0 0.0 0.0
What is the forward-looking GHG% reduction (without compensation) for scope 1+2+3?
No target found
 0.0 / 5.0 0.0 0.0 0.0
Criteria 7 : Science-Based Targets
What type of science-based target (as validated by SBTi) did the company commit to? NC 0.0 / 10.0 0.0 0.0 0.0
Criteria 8 : Results based on scope 1 - 2
Performance to date: cumulative% reduction vs. target Objective (in %):
Actual (in %):
No target found
 0.0 / 5.0 0.0 0.0 0.0
Momentum: last year % reduction vs. forward-looking target Objective (in %):
Actual (in %):
No target found
 0.0 / 5.0 0.0 0.0 0.0
Criteria 9 : Results based on scope 1 - 2 - 3
Performance to date: cumulative% reduction vs. target Objective (in %):
Actual (in %):
No target found
 0.0 / 5.0 0.0 0.0 0.0
Momentum: last year % reduction vs. forward-looking target Objective (in %):
Actual (in %):
No target found
 0.0 / 5.0 0.0 0.0 0.0
Criteria 10 : Implied Temperature Rise (ITR)
Is the company aligned with global climate targets? ITR: 1.4°C 10.0 / 10.0 10.0 0.0 5.0
Total 42.0 / 100.0 51.0 -9.0 46.0


Available Data Sources

Reporting Year 2021 2021 2020 2020 2020 2019 2019 2019 2018
Source Public Yourstake CDP Public Public CDP Public Public Public
Publication Year 2022 unknown 2021 2022 2021 2020 2022 2021 2021
Scope 1 73,319 73,319 82,403 78,087 82,403 91,993 86,602 91,993 95,316
Scope 2 - location-based 569,633 569,633 694,011 694,011 694,011 771,327 771,327 771,327 833,204
Scope 2 - market-based 1,792 1,792 3,614 3,614 3,614 4,988 4,988 4,988 5,973
Scope 1-2 - location-based 642,952 642,952 776,414 772,098 776,414 863,320 857,929 863,320 928,520
Scope 1-2 - market-based 75,111 75,111 86,017 81,701 86,017 96,981 91,590 96,981 101,289
Scope 3 2,135,873 2,135,873 2,467,847 2,457,009 2,467,847 3,610,451 3,603,193 3,610,451 3,781,802
Total - location-based 2,778,825 2,778,825 3,244,261 3,229,107 3,244,261 4,473,771 4,461,122 4,473,771 4,710,322
Total - market-based 2,210,984 2,210,984 2,429,894 2,538,710 2,553,864 3,559,012 3,694,783 3,707,432 3,883,091

Sources

Please refer to the library for viewing the supporting documentation

Despite our best efforts to report accurate data based on publicly-available information, some data may be wrong, inaccurate or outdated. If it is the case, please reach out and report the issues. Email

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