One of the largest mortgage lender, Wells Fargo & Co., announced that they will offer $30 billion US dollars in new loans and investments through the year 2020 to promote a “greener” business and economy.
They will mostly look to support initiatives connected with wind and solar energy, clean technologies and energy-efficient buildings.
It is also said that Wells Fargo Co. will offer additional $100 million in community grants for grassroots environmental projects based around volunteerism and supporting activities such as planting trees and caring for urban spaces to benefit all city residents.
According to Wells Fargo, the corporation plans to boost its energy efficiency by 40% and to achieve a 65% waste diversion rate by 2020. In addition, they are targeting a 35% reduction in absolute greenhouse gas emissions below 2008 levels and achieving Leadership in Energy and Environmental Design certification for 35% of all its buildings.
“Our commitment to the environment reflects our belief that Wells Fargo’s responsibility as a corporation goes beyond its mission of helping customers succeed financially,” said the Chairman and Chief Executive John Stumpf in a statement given to press.
Earlier this month, Wells Fargo reported its first-quarter profit rose 13% reflecting a surge in mortgage banking and a reduction in funds set aside to cover loan losses.
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