Wells Fargo

InfluenceMap Score
C
Performance Band
65%
Organisation Score
37%
Relationship Score
Sector:
Financials
Head​quarters:
San Francisco, United States
Official Web Site:
Wikipedia:

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. In October 2021, Wells Fargo joined the Net Zero Banking Alliance, supporting the goal of net-zero GHG emissions by mid-century. 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.

Industry Association Governance: Wells Fargo has disclosed a list of trade associations to which it pays dues exceeding $25,000, but does not list information about the groups’ climate policy positions or any action taken to address misalignment. Wells Fargo did not disclose trade association engagement in its 2021 CDP Report.

QUERIES
DATA SOURCES
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Strength of Relationship
STRONG
 
 
 
 
 
 
 
WEAK
 
52%
 
52%
 
22%
 
22%

How to Read our Relationship Score Map

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.