Wells Fargo Finances More Than $3 Billion in Environmental Projects

[jpak]

http://www.greenbiz.com/news/2008/12/24/wells-fargo-3-billion-enviro-projects

SAN FRANCISCO, Calif. -- Wells Fargo & Company's environmental financing has exceeded $3 billion, hurdling past its goal of providing $1 billion in commitments to Earth-friendly projects and doing so two years earlier than expected.

"Our environmentally-focused investments and loans are a significant new area of business for Wells Fargo," said Barry Neal, director of Environmental Finance, in a statement this week of his company's progress. "Over the past three years we've focused on renewable energy, resource efficiency, and sustainability in our work with our customers – helping to protect our environment and grow our businesses."

Wells Fargo's $1 billion goal was included in the 10-point environmental commitment the firm issued in 2005. Its financing of projects thus far and progress on other points are noted in updates about the pledge.

The environmental financing includes:

o - More than $2 billion toward green building projects that are designed to meet Leadership in Energy and Environmental Design (LEED) certification standards set by the U.S. Green Building Council as reported in November.
o - More than $700 million to support solar and wind energy projects across the country. The renewable energy programs are expected to generate enough power for 475,000 residential households.
o - Some $500 million to support business customers for whom sustainability is focal point of their missions, such as renewables, efficiency, resource management and sustainable agriculture and forestry.
o - About $50 million for nonprofit organizations that improve the environment in low- to moderate-income communities.

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[mediaman007]

1. Salute! Well done!

[w4rma]

2. They are just being smart investors. (nt)

[liberalmuse]

3. Thank you. I know which bank I'm switching to now.

BOA is one of my banks. I stopped all direct deposits after BOA initially screwed the laid off Illinois workers out of pay. I haven't used the account since, but need something local.

[chomper68]

4. Cool!!!!!!! That’s my mortgage company!

[madokie]

5. We use two local banks, one in my hometown and the other here in my wifes hometown

pretty much all local people and both have a good rating, one is a four star and the other is a five star, whatever that means. Both towns have around 1500 people.

I looked to see if there was a wells fargo branch near here but no dice