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Wells Fargo & Company invests $3bn in clean energy projects

22 Dec 2008

Financial services company Wells Fargo & Company has soared past its $1bn environmental financing target, investing more than $3bn in clean energy projects.

Barry Neal, director of Environmental Finance, said, ‘Our environmentally-focused investments and loans are a significant new area of business for Wells Fargo. Over the past three years, we have focused on renewable energy, resource efficiency, and sustainability in our work with our customers – helping to protect our environment and grow our businesses.’

Wells Fargo has provided $2bn in financing for green building projects and committed more than $700m to support solar and wind projects.

In addition, the company has provided $500m to support customers who have made environmental sustainability one of their key goals and $50m to support non-profit organisations.

‘Climate change and energy issues require diverse solutions and support from all areas of our society, and we look forward to continuing to work together with our customers and communities to address these important challenges,’ continued Neal. ‘We see significant growth potential in all areas related to clean energy, resource efficiency and the environment and are excited about building upon what we have accomplished to date.’

Wells Fargo’s $1bn lending target was part of its ten-point environmental commitment aimed at helping to integrate environmental responsibility into its business practices.

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