Shareholders Call on Wells Fargo to Address Climate-Related Litigation Risk
FOR IMMEDIATE RELEASE
As climate science advances, entities contributing to high-carbon activities face growing legal exposure
MEDIA CONTACT: Ryon Harms, [email protected], 310-730-9407
EL CERRITO, CALIFORNIA— APRIL 27, 2026 – On April 28, Wells Fargo shareholders will vote on a new proposal addressing a critical and underexamined material risk: legal liability for its financing of high-carbon activities.
Wells Fargo made headlines last year for abandoning its financed emissions targets and disclosures. As the only major U.S. bank to take this backward step, Wells Fargo has exposed itself to growing responsibility for climate-related damages. Given this risk and the bank’s continued financing of fossil fuels, As You Sow and the U.S. Presbyterian Church urge Wells Fargo to evaluate and disclose its exposure to climate-related litigation risk from its financing of high-carbon activities.
Advances in climate attribution science now allow courts to quantify not only a companies’ contribution to climate change over time, but also the percentage of additional damages attributable to climate change.
“This ability to quantify and assign legal responsibility for historical climate contributions and specific storm damages means that profiting from the funding of high-carbon activities is no longer a free-ride,” said Danielle Fugere, President & Chief Counsel of shareholder representative As You Sow. “For too long, companies have been able to emit greenhouse gases or fund greenhouse gas emitters without consequence. That is no longer the case. Companies cannot rest easy simply because the law in the U.S. hasn’t yet caught up to other forums. Climate attribution science is backward looking, quantifying a company’s total contribution to climate change over time. This means that every new dollar invested in producing high-carbon products and activities can lead to additional legal liability.”
European banks BNP Paribas and ING Bank have already been sued for violating duty-of- care principles through their financing of high-carbon sectors. Other climate litigation is ongoing worldwide. Wells Fargo has provided over $143.4 billion in financing for high-emitting activities from 2021 to 2024 alone, exposing the bank to potential litigation. As climate-related storms, fires, floods, droughts, and disease ravage communities and their property, legal risk builds for all climate-responsible parties.
“By rolling back its climate targets and disclosures, Wells Fargo has made itself vulnerable to climate-related litigation,” said Fugere.
“Since major financiers of high-emitting activities could face legal claims, shareholders need to know if Wells Fargo is assessing its exposure to this financially material risk, and how it understands the level of risk,” said Mary Zuccarello, Senior Climate & Energy Associate at As You Sow.
Investors are now calling on Wells Fargo to provide a comprehensive assessment and disclosure of climate-related litigation risks. That transparency is essential for shareholders to assess Wells Fargo’s risk management strategy, especially as benchmarked against other banks that have climate goals and transition plans in place.
About As You Sow
As You Sow is the nation’s leading shareholder representative, with a 30-year track record promoting environmental and social corporate responsibility. Its focus areas include climate change, ocean plastics, toxins in the food system, the Rights of Nature, racial justice, and workplace diversity. Click here to view As You Sow’s shareholder resolution tracker.