A shareholder advocacy group is urging Wells Fargo to trim its investments in carbon-intensive fossil fuels such as coal, tar sands and arctic oil projects. The group As You Sow filed a shareholder resolution yesterday that urges the bank to "reduce its climate change contribution" by adopting practices that will align its loans and investments with the 1.5°C temperature target set out in the UN's Paris climate agreement. "Banks' financing choices play a major role in promoting climate transition," said As You Sow president Danielle Fugere. Wells Fargo financed $4.6bn in so-called "extreme fossil fuel projects," including $3.1bn in coal power initiatives from 2015 to 2017, according to a Rainforest Action Network report cited by As You Sow.
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