Shareholders Call on Wells Fargo to Disclose a Climate Transition Plan
FOR IMMEDIATE RELEASE
MEDIA CONTACT: Stefanie Spear, [email protected], 216-387-1609
BERKELEY, CA—APRIL 27, 2023—Today, Wells Fargo released final vote results for a first-time shareholder resolution filed by investor representative As You Sow, asking the company to provide an actionable climate transition plan outlining how it will achieve its 2030 net zero greenhouse gas emission reduction goals. The resolution was supported by 31.1% of shareholders.
This vote follows votes on similar proposals this week at Bank of America, which announced a 28.5% vote of support (preliminary vote results) on Tuesday and a 30% vote of support at Goldman Sachs on Wednesday (preliminary vote results).
“The banking sector is key to achieving global net-zero goals, said Danielle Fugere, president of As You Sow. “Having set 2030 goals for its financing activities, investors seek to understand that Wells Fargo has a plan in place to translate those goals into action. Banks with clear climate transition plans will be better prepared to act on opportunities created by the global net zero transition while reducing risk associated with high carbon companies.”
In 2021, Wells Fargo set 2030 reduction targets for its highest emitting portfolio sectors, including an absolute emissions target for oil and gas, and an emissions intensity target for its power sector. Wells is a member of the Net-Zero Banking Alliance, whose signatories have committed to aligning lending and investment portfolios with the Paris Agreement’s net zero by 2050 goal.
“This strong vote is a call to action,” said Fugere. “Wells Fargo has demonstrated leadership in setting 2030 targets aligned with global climate goals. Now comes the hard work of making its plan actionable.”
“We look forward to continued progress from banking institutions such as Wells Fargo whose actions are inextricably tied to global net-zero targets and future climate action,” said Andrew Behar, CEO of As You Sow.
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As You Sow acts as a resource for shareholders seeking change from the banking sector.
As You Sow is the nation’s leading shareholder advocacy nonprofit, with a 30-year track record promoting environmental and social corporate responsibility and advancing values-aligning investing. Its issue areas include climate change, ocean plastics, pesticides, racial justice, workplace diversity, and executive compensation. Click here for As You Sow’s shareholder resolution tracker.