For Immediate Release

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Wells Fargo Seeks to Profit from Climate Destruction

WASHINGTON - According to disclosures submitted to the non-profit CDP and reported yesterday by Bloomberg, Wells Fargo sees the climate crisis as an opportunity to make more money.

“Preparation for and response to climate-change induced natural disasters result in greater construction, conservation and other business activities,” the bank wrote, adding that it “has the opportunity to provide financing to support these efforts.”

Wells Fargo has provided billions in financing for the extreme fossil fuel projects that are driving climate change. In recent years, the bank has faced mounting pressure to pull its support for the fossil fuel industry, but has taken no action to do so and has instead doubled down on its support for the dirtiest fuels on the planet including coal and tar sands.

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In response, Sierra Club Campaign Representative Ben Cushing released the following statement:

“It’s despicable that Wells Fargo is seeking to profit from the destruction and suffering its own investments are helping to create. Rather than scheming about how to make more money off of the climate crisis, Wells Fargo should stop making the problem worse and divest from the dirtiest fuels on the planet.”

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The Sierra Club is the oldest and largest grassroots environmental organization in the United States. It was founded on May 28, 1892 in San Francisco, California by the well-known conservationist and preservationist John Muir, who became its first president. The Sierra Club has hundreds of thousands of members in chapters located throughout the US, and is affiliated with Sierra Club Canada.

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