Wells Fargo & Co. has released its Environmental Finance Report, in which the investment bank says it provided $6.4 billion in loans and investments in 2012 to businesses and projects with a direct positive impact on the environment. Included in these investments were more than $500 million of tax equity in wind and solar projects, bringing its total to $2 billion for wind assets and more than $1 billion for solar projects in 29 states.
Renewable energy systems in Wells Fargo's portfolio of over 300 projects produced approximately 16,000 GWh of electricity in 2012, according to the report. In addition, the company says it provided $3.1 billion for LEED-certified buildings, $180 million toward brownfield redevelopment projects and more than $700 million toward Energy Star-certified properties.
The report marks the company's first environmental financing update since announcing last year a commitment to provide an additional $30 billion for cleantech by 2020. Wells Fargo says it has financed more than $21 billion for green and clean energy projects since 2005.
‘As we continue to make progress toward our new $30 billion environmental financing goal, Wells Fargo is providing capital to support the next generation of resource management, clean energy and sustainable building solutions,’ says Barry Neal, head of Wells Fargo Environmental Finance. ‘Wells Fargo has long recognized this opportunity, and we remain committed to supporting our customers who are leading the way in creating a more sustainable future.’