Wells Fargo & Company
Primary Climate Goal
Secondary Climate Goal
Wells Fargo & Company's target annual all Scopes emissions for 2050 should be equal to 0 Kt = 0% * 2,554 Kt, according to the company's stated climate goal.
In order to achieve this goal, Wells Fargo & Company would need to reduce its emissions at least by -85 Kt per annum over the period from 2021 to 2050:
-85 Kt = ( 0 Kt - 2,554 Kt ) / (2050 - 2020)
This translates into a -3.3% reduction in 2021.
The projected range shown on the chart is based on the Exerica's algorithm which takes account of both the company's stated goal and its past performance.
Wells Fargo & Company aims to achieve net zero for all Scopes by 2050
Science Based Targets initiative In October 2021 SBTi developed and launched world's first net zero standard, providing framework and tools for companies to set science-based net zero targets and limit global temperature rise above pre-industrial levels to 1.5 °C.
In October 2021 SBTi developed and launched world's first net zero standard, providing framework and tools for companies to set science-based net zero targets and limit global temperature rise above pre-industrial levels to 1.5 °C.
GHG emissions and Carbon intensity
Scope 1 + 2 GHG emissions (in tons of CO2e) divided by the company's Revenues (in USDm) for the same period
Wells Fargo & Company reported gross GHG emissions (Scope 1 + 2 before carbon offsets) for the twelve months ending 31 December 2020 at 86 Kt (-11 /-11.3% y-o-y). At the same time, carbon intensity climbed to 1.2 t (+0.1/+9.1% y-o-y).
Wells Fargo & Company's Scope 3 emissions was down at 2,468 Kt (
The company is committed to achieving net zero for all Scopes by 2050, which translates into the estimated reduction of -85 Kt per annum over the period of FY2021 - FY2050. This target, however, has not been recognised as science-based (and as aligned with Paris Agreement) by the SBTi.
Wells Fargo & Company achieved carbon neutrality across its operations (Scope 1 + 2) in 2019. Companies normally become carbon neutral with the help of the acquisition of carbon offsets rather than absolute reductions in their own greenhouse emissions. Also, carbon neutrality does not include non-CO2 GHG emissions.