We have expanded the list of climate policies we assess company engagement with to incorporate land-use related policy, referring to legislative or regulatory measures to enhance and protect ecosystems and land where carbon is being stored. Assessments under this category are currently underweighted in terms of their contribution to the overall company metrics. This weighting will be progressively increased over the next 6 months.
We adjusted the terminology used to describe the queries running down the left-hand side of our scoring matrix and added additional explanatory text to the info-boxes. This has no impact on the scores and methodology. It has been done following user feedback to improve clarity.
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Jim Foley is on the CalChamber board.
Jim Foley (Lead Regional President, Pacific North Region, Wells Fargo)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
As of its June 2021 memberships disclosure accessed February 2022, Wells Fargo is a member of the California Chamber of Commerce. As of January 2023, Wells Fargo no longer discloses this membership.
not specified
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InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Jim Foley is on the CalChamber board.
Jim Foley (Lead Regional President, Pacific North Region, Wells Fargo)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
As of its June 2021 memberships disclosure accessed February 2022, Wells Fargo is a member of the California Chamber of Commerce. As of January 2023, Wells Fargo no longer discloses this membership.
not specified
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InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Wells Fargo may be a member of the Florida Chamber of Commerce. Listed as a Pillar Leadership Partner to the Florida 2030 project, but unclear if Wells Fargo is an annual dues-paying member of the group (Florida Chamber Website, Accessed November 2022)
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Wells Fargo may be a member of the Florida Chamber of Commerce. Listed as a Pillar Leadership Partner to the Florida 2030 project, but unclear if Wells Fargo is an annual dues-paying member of the group (Florida Chamber Website, Accessed November 2022)
not specified
--no extract--
In this section, we depict graphically the relationships the corporation has with trade associations, federations, advocacy groups and other third parties who may be acting on their behalf to influence climate change policy. Each of the columns above represents one relationship the corporation appears to have with such a third party. In these columns, the top, dark section represents the strength of the relationship the corporation has with the influencer. For example if a corporation's senior executive also held a key role in the trade association, we would deem this to be a strong relationship and it would be on the far left of the chart above, with the weaker ones to the right. Click on these grey shaded upper sections for details of these relationships. The middle section contains a link to the organization score details of the influencer concerned, so you can see the details of its climate change policy influence. Click on the middle sections for for details of the trade associations. The lower section contains the organization score of that influencer, the lower the more negatively it is influencing climate policy.
Open PDF file of Data Source
Climate Lobbying Overview: Wells Fargo appears to have had limited engagement on climate policy, with broadly positive top-line messaging on climate.
Top-Line Messaging on Climate Policy: In its 2020 TCFD Report, Wells Fargo outlines a clear, detailed position on climate change science and states support for the Paris Agreement’s goals to limit temperature increase to 1.5C. CEO Charlie Scharf has recognized the need for urgent action to combat climate change. In its 2021 ESG Report, Wells Fargo states support for government regulation to respond to climate change and meet the goals of the Paris Agreement. Additionally, in July 2021 Wells Fargo signed on to a joint letter directly advocating for Congress to pass climate policy to facilitate the transition to a net-zero economy.
Engagement with Climate-Related Regulations: Wells Fargo has not disclosed its positions on or engagement with specific climate policies. In its 2020 TCFD Report, Wells Fargo mentions, as possible policy responses to the climate crisis, carbon taxes, emissions trading and carbon compliance markets, efficiency regulations, and emissions standards, appearing to support these as potential solutions. Commentary from Wells Fargo Investment Institute in 2021 describes the Biden administration’s efforts to transition to renewables, but does not take a position. Notably, Wells Fargo’s Q1 2021 Lobbying Report shows engagement with Congress on renewable energy, but details of this engagement are unclear.
Wells Fargo’s Q3 2021 Lobbying Report shows engagement with the Build Back Better Act, but details of this engagement are unclear, and Wells Fargo does not appear to have disclosed its position on the climate provisions of Build Back Better. In commentary from November 2021, Wells Fargo describes both the Bipartisan Infrastructure Bill and Build Back Better, but does not take a position on these policies. In August 2021, President of Wells Fargo Investment Institute Darrell Cronk lamented the tax hikes that would accompany the reconciliation bill but again did not take a clear position on the climate provisions of the bill.
Positioning on Energy Transition: Wells Fargo appears to generally support the transition of the energy mix. Its 2021 ESG Report states support for the transition to a low-carbon economy and the 2021 joint letter to Congress directly advocated for policymakers to support net-zero infrastructure investments. In its 2022 CO2eMission Methodology report, Wells Fargo appears to support decarbonization of the power sector. In October 2022, Wells Fargo’s Chief Sustainability Officer published an article in Forbes that advocated for decarbonization of the economy.
Wells Fargo’s Q4 2022 Lobbying Report shows engagement with the Inflation Reduction Act and “green lending/tax credits”, but details of this engagement are unclear.
Industry Association Governance: Wells Fargo has disclosed a list of “principal” trade association memberships but does not list information about the organizations’ climate policy positions or any actions taken to address misalignment. The disclosure omits memberships to state chambers of commerce and non-US associations including the Japanese Bankers Association which has had mixed engagement on climate policy. Wells Fargo did not disclose trade association engagement in its 2021 CDP Report.