Banking giant commits $200bn in sustainable financing

Wells Fargo will provide half of the funding for projects that directly support the low carbon transition

Banking giant Wells Fargo has announced it will provide $200 billion (£143bn) in financing to sustainable businesses and projects by 2030.

More than 50% of the funding will be focused on clean technology and renewable energy projects that directly support the transition to a low carbon economy.

The other half will support businesses and projects focused on sustainable agriculture, recycling and conservation.

The company said it started meeting 100% of its global electricity needs with renewable energy last year and its 2020 carbon reduction goal of 45% from a 2008 baseline.

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