Wells Fargo will purchase 100% renewable electricity in 2017

There’s nothing more satisfying than checking something off a to-do list. “Get to the gym.” “Learn a new language.” “Purchase all your global electricity needs from renewable sources.”

That last one is now something Wells Fargo can cross of its to-do list.

The banking giant announced yesterday that it is scheduled to make its interim goal of purchasing all its global electricity from renewable energy resources, either directly or through more than 2 million MWh of 2017 vintage Renewable Energy Certificates (RECs).

Wells Fargo currently powers more than 90 million square feet of real estate, including data centers, corporate offices and branches globally.

“Like so many of our customers, Wells Fargo strongly supports accelerating the development and production of renewable energy,” said Tim Sloan, Wells Fargo CEO. “Meeting our global electricity requirements with 100% renewable energy demonstrates our leadership in operational efficiency, and we are committed to continuing to innovate our products and services and provide financing for our customers’ renewable energy, energy efficiency and clean technology projects.”

To date, 115 multinational corporations have made the commitment to join the renewable energy revolution, including prominent U.S.-based companies like Google, Bank of America, Starbucks and Kellogg’s.

All those companies are part of an organization called RE 100, a collaborative, global initiative uniting more than 100 influential businesses committed to 100% renewable electricity. It’s a collaboration between The Climate Group in partnership with CDP. Both organizations are part of the We Mean Business coalition, working with leading businesses around the world.

Not only does have its own commitment to renewable energy, it has also funded U.S. solar projects, including:

  • Since 2012, Wells Fargo has provided more than $70 billion in financing for environmentally beneficial businesses and projects, including the Kern High School District’s carport solar system.
  • In 2016, more than 8% of all wind and solar photovoltaic energy generated in the U.S. came from projects owned wholly or in part by Wells Fargo through its tax-equity financing business.