Wells Fargo drops net zero target in ‘cowardly and shortsighted’ move
“Investors expect banks to mitigate risk, not accelerate it.”
Wells Fargo is the first US bank to abandon its net zero target for financed emissions amid the Trump administration’s anti-ESG politics. The move has been called “cowardly and shortsighted” by NGOs.
Wells Fargo announced last week that it was “discontinuing” its sector-specific interim financed emissions targets for 2030 and its goal to achieve net zero by 2050 for financed emissions – arguing that “many of the conditions necessary to facilitate our clients’ transitions have not occurred”.
