Wells Fargo was awarded the top prize for Sustained Excellence by S&P Global Platts at its 2020 Global Energy Awards. The Sustained Excellence category recognizes companies that are embracing efficiency and renewable energy in their operations to reduce their environmental impact and help foster a low-carbon future.  

As part of its efforts to address climate change and accelerate an equitable transition to a low-carbon economy, Wells Fargo has entered long-term renewable energy contracts over the past several months to meet its electricity needs with environmentally sustainable solar, wind and geothermal energy in markets from coast to coast and in its overseas operations. These agreements support the development of new wind and solar farms, and other renewable energy projects in markets where the bank has its greatest energy needs.

Through these agreements, Wells Fargo has committed to purchase nearly 200 MW of new renewable energy annually. This equates to approximately 25 percent of the bank’s annual global electricity load for its more than 80 million square feet of commercial real estate - equivalent to 1,440 football fields - including branches, data centers and other corporate properties.

“Wells Fargo’s operational goal is to meet our energy needs while supporting the development of new solar, wind and other renewable energy projects to advance the promise of renewable energy,” said Richard Henderson, head of Wells Fargo’s Corporate Properties Group. “By focusing on markets where our energy needs are the greatest, we are enabling job creation, generating tax revenue and reducing carbon emissions in communities where our customers and employees live and work.  We appreciate this important recognition, and we are committed to continued leadership in operational sustainability and resource efficiency.”

Wells Fargo has been meeting 100 percent of its global electricity requirements with renewable energy since 2017, initially through the purchase of Renewable Energy Certificates. Since then, the bank has been working to support the development of new renewable energy projects located near its greatest load concentrations and significantly increasing deployment of on-site solar generation

Martin Fraenkel, President of S&P Global Platts, said, “We congratulate Wells Fargo for its win for Sustained Excellence. In a year that was so tumultuous, it was particularly impressive and heartening to see how this year’s group of winners re-organized around obstacles, forged ahead on ground-breaking technology, completed transformative deals and maintained focus on long-term energy sustainability. Tonight’s winners, and finalists, alike, are to be congratulated for their individual and collective accomplishments.”

Established in 1999, the S&P Global Platts Global Energy Awards highlight achievement in in 22 categories spanning the energy complex.  The Wells Fargo Innovation Incubator was a finalist in the Corporate Social Responsibility – Targeted Program category.  To view the full list of Awards categories and list of winners for the 2020 S&P Global Platts Global Energy Awards visit here.