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Wells Fargo aims for 20% cut in greenhouse gas emissions

15 October 2009  |  1165 views  |  0 Source: Wells Fargo

Wells Fargo & Company (NYSE: WFC) announced today that it has set a goal to reduce its U.S.-based greenhouse gas emissions by 20 percent below 2008 levels by 2018. The Company is focusing on reducing its carbon footprint as part of its continued environmental commitment to lead by example and to fulfill its pledge as a member of the U.S. Environmental Protection Agency's (EPA's) Climate Leaders program, which Wells Fargo joined last year.

Wells Fargo is also installing solar photovoltaic (PV) systems on 10 banking stores in Denver. Combined the systems will generate about 300,000 kilowatt hours of clean, renewable energy each year, or the equivalent of avoiding about 450,000 pounds of carbon dioxide emissions annually.

The Wells Fargo and Wachovia merger integration is providing an important opportunity to make the combined company's banking stores greener. Sixteen of the first Wachovia banking stores to convert to the Wells Fargo brand are registered under the U.S. Green Building Council LEED® for Existing Buildings Operations and Maintenance (EBOM) program, indicating that renovations follow best practices for energy and environmental design. Store improvements include energy and water system efficiency expected to yield up to 15 percent savings in each store.

"The health of our environment very much affects the health of our communities and our long-term business success," said Mary Wenzel, director of Environmental Affairs. "We want to do everything we can to be responsible environmental stewards and help address climate change."

Wells Fargo's greenhouse gas emission reduction efforts include:

* Encouraging customers to chose online-only statements and use Envelope-FreeSM ATMs to make deposits, both of which save energy
* Educating and engaging team members about actions they can take to help reduce energy use at work and at home
* Buying energy efficient office and building equipment and evaluating energy consumption as part of requests for proposals from suppliers
* Reducing business travel by air by taking greater advantage of video conferencing
* Building energy efficient, LEED certified stores
* Investing in renewable energy projects at our own facilities
* Managing data centers for energy efficiency
* Upgrading facilities for energy efficiency and use of energy saving lights and light sensors

Greenhouse gas emissions trap the sun's energy and cause risiy and cay and cause rising surface temperatures. Wells Fargo's emissions primarily come from electricity use, in other words indirect emissions from the generation of electricity purchased through utilities. As power sources become cleaner and as the Company uses less electricity its emissions will go down.

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