Wells Fargo & Company

Diversified Banks

WFC

$ 46 0.68

Share price

$ 177 bn

Market Cap

$ 177 bn

Enterprise Value

Carbon footprint

GHG emissions per $ 1 mln investment

0.01x the weighted average for S&P 500

FY2020

Primary Climate Goal

Wells Fargo & Company achieved carbon neutrality across its operations (Scope 1 + 2) in 2019

Secondary Climate Goal

Proj. YOY change in GHG emissions (all Scopes)

Weaker than the -6.9% weighted average for S&P 500

FY2021

Wells Fargo & Company aims to achieve net zero for all Scopes by 2050

This target has not been verified as science based according to SBTi

GHG emissions and Carbon intensity

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 (-1,143 /-31.6% y-o-y). The decline accelerated compared to the CAGR of -11% since 4Q'17.

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.

Date	Total CO2e emissions (market-based Scope 1 & 2) (Kt)	Scope 1	Scope 2	Scope 3	Carbon offsets	Revenue (USDm)	Carbon intensity (tons of CO2e) / (USDm)
2020Q4	86	82	3.6	2,468	(92)	74,264	1.2
2019Q4	97	92	5	3,610	(99)	85,063	1.1
2018Q4	101	95	6	3,782	(65)	86,408	1.2
2017Q4	119	86	33	3,940	(70)	88,389	1.3
2016Q4		86		110		88,267
2015Q4		90		97		86,057