Wells Fargo & Company (NYSE: WFC) announced it will buy renewable energy certificates (RECs) to support generating 550 million kilowatt-hours of wind energy a year for three years. This makes the bank the largest corporate purchaser of renewable energy in the US according to the US Environmental Protection Agency. The purchase will offset 40 percent of Wells Fargo’s electricity consumption with 100 percent Green-e® certified wind energy.
“Our commitment to this purchase is not just good for the environment, it’s good business,” said Don Dana, head of the company’s Corporate Properties Group, which has achieved energy savings of up to 20 percent at many Wells Fargo locations. “Energy conservation is one part of the equation. The second is supporting generation of cleaner, alternative sources of energy. Combined, these efforts will result in a healthier environment and a stronger economy.”
Wells Fargo recently invested in a Texas-based wind farm and has provided $720 million in financing to develop Leadership in Energy Efficiency and Design(i) (LEED) certified buildings. The company implements energy efficiency measures in its existing and new buildings. For example, replacing cooling equipment at Wells Fargo Plaza in Phoenix with high-efficiency equipment reduced the building’s energy consumption by nearly 30 percent. Two Wells Fargo buildings in San Francisco have been designated as ENERGY STAR buildings (among the top 10 percent of energy-efficient buildings in the country.) In California, Wells Fargo has been recognized for its 20 percent reduction in energy use at its administrative buildings, a reduction it has sustained since 2001.
Wells Fargo’s RECs are supplied by 3 Phases Energy, a national renewable energy marketing and development company. The nonprofit Center for Resource Solutions’ Green-e® program certifies and verifies the RECs. With Green-e certification, Wells Fargo has an independent assurance that its renewable energy certificate purchase supports generation from 100-percent new renewable resources that meet strict consumer and environmental protection standards. The three-year purchase agreement begins October 1, 2006.
Wells Fargo has been accused by major environmental NGOs as a laggard on the environment. It is the largest US-based bank still operating without comprehensive guidelines to govern its investment practices and corporate conduct on a broad range of urgent environmental and social issues. It has been accused of supporting clear-cutting forests and leveling mountaintops, often on public land for private profit, from Ecuador to Alaska to West Virginia.