Skip to main content

Sign up for our newsletter.

Quality journalism. Progressive values. Direct to your inbox.

For Immediate Release

Contact

Press Release

Wells Fargo Joins Net-Zero Banking Alliance With No Plan for Phasing Out Fossil Fuel Finance

San Francisco, CA -

Wells Fargo announced today that it has joined the Net-Zero Banking Alliance (NZBA), following its commitment in March to reach net-zero emissions by 2050. Wells Fargo poured more than $223 billion into fossil fuels in the five years following the Paris Agreement. Today’s announcement did not include targets for phasing out the bank’s funding of fossil fuels, a critical part of reining in its contribution to the climate crisis. 

Wells Fargo is the fifth major U.S. bank to join the NZBA, following Morgan Stanley, Citigroup and Bank of America, which joined at the initiative’s launch in April, and JPMorgan Chase, which joined last week. 

This week, the International Energy Agency released its annual World Energy Outlook, reaffirming that achieving net-zero emissions by 2050 and staying within 1.5 degrees Celsius of warming means there can be no more expansion of fossil fuel development starting immediately. 

“Big banks like Wells Fargo want credit for taking climate action when really they’re just kicking the can down the road,” said Sierra Club Fossil-Free Finance Campaign Manager Ben Cushing. “Achieving net-zero emissions by 2050 means stopping financing for the expansion of fossil fuels now. Without a plan to do that, commitments like this are totally inadequate to meet the scale and urgency of the climate crisis.” 

Rainforest Action Network Senior Climate and Energy Campaigner Jason Opeña Disterhoft said: “The world's top four fossil banks are now all members of the NZBA. Wells Fargo, JPMorgan Chase, Citi and Bank of America must now put their money where their mouth is, by immediately ending support for companies expanding fossil fuels -- as the IEA reaffirmed this week is necessary to limit climate change to 1.5°C. If they don't, their joining the NZBA will rightly be seen as greenwash, and the initiative risks being completely discredited. Mark Carney should be clear-eyed about the choice that his alliance faces going forward.”

###

The Sierra Club is the most enduring and influential grassroots environmental organization in the United States. We amplify the power of our 3.8 million members and supporters to defend everyone’s right to a healthy world.

AOC, Joyce Introduce Bipartisan Bill for 'Immediate Relief' From Cannabis Convictions

"Goes to show that lawmakers don't have to agree on everything to find common ground on solutions to the challenges facing everyday Americans."

Brett Wilkins ·


Green Groups Demand Answers About 'Flimsy' and Buried Biden Drilling Report

"Public records released as a result of this request will shine light on the dangerous chasm separating Biden's climate promises from his refusal to phase out the use of our public lands and waters for oil and gas extraction."

Jessica Corbett ·


'Protest Works': Cheers as Shell Signals Pullout of Cambo Oil Field Project

"We have to see the end of North Sea projects as well as all new fossil fuel extraction: There is no future in them."

Julia Conley ·


Pentagon Blasted for 'Unacceptable Failure' to Reckon With Civilian Casualties

"For too long, the United States has failed to live up to its legal and moral commitments to the protection of civilians, as well as its own stated policies. This needs to change."

Brett Wilkins ·


Groups Say Congress Should Reject Biden's Harmful Sentencing Proposal on Fentanyl-Related Drugs

"The facts don't support the argument that a harsh law enforcement approach, such as permanent classwide scheduling of fentanyl-related substances, will curb drug distribution, sale, and use."

Andrea Germanos ·

Support our work.

We are independent, non-profit, advertising-free and 100% reader supported.

Subscribe to our newsletter.

Quality journalism. Progressive values.
Direct to your inbox.

Subscribe to our Newsletter.


Common Dreams, Inc. Founded 1997. Registered 501(c3) Non-Profit | Privacy Policy
Common Dreams Logo