#5 in the world for fossil fuel financing.
Your money is funding the climate crisis at an alarming rate.
Wells Fargo is one of the world’s biggest funders of fossil fuels*. In the 8 years since the Paris Agreement, this bank has funneled $296 billion into coal, oil, and gas, rapidly accelerating the climate crisis. *Details here
While you’ve been saving money for a house or a weekend getaway, Wells Fargo has been using your savings to provide financial support to some very questionable fossil fuel friends.
And it's not just a little here and there; we’re talking about it being number 5 globally at the end of 2023. Well Fargo also left the Equator Principles (a voluntary framework for assessing and managing environmental and social risks in project finance), so they do not want to be bound by even those minimum standards.
In 2023, the hottest year on record, Wells Fargo financed $11.7 billion in fossil fuel expansion, and was a number 2 financier globally of fracked oil and gas. Wells Fargo is a key bank for the Mountain Valley Pipeline and its extensions, and one of the main financiers of US coal power.
The Paris Agreement set the goal to stay under 1.5°C of warming for very good reasons. According to the Intergovernmental Panel on Climate Change, an increase of just a couple of degrees more could lead to "substantial species extinction, large risks to global and regional food security", and an inability to work outside — or even live — in some areas of the world. Our world will become unrecognizable as ocean dead zones, floods, and extreme weather fuel social and economic disruption.
Banks live and die on their reputations. Mass movements of money to fossil-free competitors puts those reputations at grave risk. By moving your money to a sustainable financial institution, you will:
Send a message to your bank that it must defund fossil fuels
Join a fast-growing movement of consumers standing up for their future
Take a critical climate action with profound effects