Tennessee ends Wells Fargo probe after bank scraps net-zero target

Tennessee ends Wells Fargo probe after bank scraps net-zero target

The state's attorney general, Jonathan Skrmetti, "commend[ed] Wells Fargo’s pro-consumer decision to step away from utopian policymaking." Seventeen other states had joined the probe.

Marshall celebrates Wells Fargo dropping sustainability targets

Last week, Alabama Attorney General Steve Marshall championed Wells Fargo and Company’s withdrawal from its sustainability goals set forth by The Net-Zero Banking Alliance. NZBA is a UN convened group of global banks “committed to aligning their lending, investment, and capital markets activities with net-zero greenhouse gas emissions by 2050.” Wells Fargo announced its withdrawal from NZBA last December, and was followed by Citigroup Inc., Bank…

Wells Fargo Drops Net-Zero Goals Amid Attorney General Investigation

Wells Fargo has officially abandoned its commitment to achieving net-zero emissions by 2050, prompting Montana Attorney General Austin Knudsen to close his investigation into the bank’s Environmental, Social, and Governance (ESG) policies. The move follows a broader controversy over whether financial institutions should consider climate-related targets in their lending practices. Source

Companies are far from achieving their sustainability goals and are beginning to review their policies against climate change, while at the same time not making public their environmental transition plans. This is explained by Bruno Sarda, head of the EY Americas of Sustainability and Climate Change, based in the metropolitan area of New York, and who knows first-hand what happens within organizations as he works with global companies to develop…