FOR IMMEDIATE RELEASE
Wells Fargo Joins Ceres Company Network
Global bank will focus on sustainability strategies and stakeholder engagement
Ceres announced today that its board of directors has approved Wells Fargo & Company (NYSE:WFC), one of the world’s largest financial services companies, as the newest member of the Ceres company network. Companies that join Ceres’s network work to integrate environmental and social performance into their business strategies and initiatives and to continuously improve performance.
Headquartered in San Francisco, Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage, and consumer and commercial finance across North America and internationally. Wells Fargo has $1.4 trillion in assets and employs 265,000 people in more than 35 countries. In joining the Ceres company network, Wells Fargo has committed to improving its sustainability disclosure and performance by engaging with investors, environmental and civil society groups and other stakeholders.
In April 2012, Wells Fargo released a set of Environmental Commitments to be achieved by 2020, including reducing the company’s environmental impact, financing the transition to a more sustainable economy and encouraging stronger, environmentally responsible communities. Ceres provided extensive feedback and input on the Environmental Commitments through a series of multi-stakeholder engagements.
“To build a sustainable economy, we need full cooperation from financial institutions. Wells Fargo is working to implement more sustainable business strategies and responsible lending practices that create positive community impact. We look forward to seeing continued progress,” said Mindy Lubber, president of Ceres. “Ceres appreciated the opportunity to work with Wells Fargo around its recently released Environmental Commitments, and we expect to leverage those strong commitments through continued engagements on the company’s future performance.”
Wells Fargo has demonstrated improvements to its sustainability performance by establishing a Corporate Responsibility Board Committee, improving internal operations and by setting sustainable investment targets. The company has committed to a 35 percent reduction in greenhouse gas emissions below 2008 levels by 2020 and is also targeting a 40 percent increase in energy efficiency by 2020. Wells Fargo has also pledged to invest $30 billion in environmentally sustainable businesses by 2020.
“Wells Fargo seeks to ensure that as we do business, natural resources are protected, and environmental, social, and economic needs are part of our everyday decisions,” said Pat Callahan, Wells Fargo Chief Administrative Officer. “We are finding new ways to minimize our energy consumption, use renewable sources of energy, and inspire our customers and team members to do the same. Joining the Ceres network will help us to further enhance our long-term sustainability initiatives.”
Wells Fargo is one of several financial services companies to join Ceres’s network, along with Bank of America, Citi, State Street and Prudential Financial.
Ceres is an advocate for sustainability leadership. Ceres mobilizes a powerful coalition of investors, companies and public interest groups to accelerate and expand the adoption of sustainable business practices and solutions to build a healthy global economy. Ceres also directs the Investor Network on Climate Risk (INCR), a network of 100 institutional investors with collective assets totaling more than $10 trillion. For more information, visit http://www.ceres.org.
About Wells Fargo & Company
Wells Fargo & Company 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, 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. We want to help all of our customers succeed financially and support long-term economic growth and improved quality of life for everyone in our communities. In 2011, the Company invested $213.5 million in grants in 19,000 nonprofits, and team members contributed more than 1.5 million volunteer hours around the country. For more information, please visit: www.wellsfargo.com/about/csr.
A leader in reducing its own greenhouse gas emissions and building sustainably, Wells Fargo has been recognized by the Carbon Disclosure Project and the U.S. Green Building Council. The company was listed as one of the 2012 “Best Corporate Citizens” by Corporate Responsibility Magazine. For more information, please visit. www.wellsfargo.com/environment. Since 2006, Wells Fargo has provided more than $11.7 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.