Banks must not follow Wells Fargo’s climate irresponsibility

Wells Fargo has withdrawn from the Net-Zero Banking Alliance (NZBA) and subsequently dropped its 2030 sectoral financed emission targets and its 2050 net zero goal. While other major North American, Japanese, and Australian banks have also left the NZBA, most have stated they remain committed to their climate goals. Reclaim Finance argues that banks must continue to address financed emissions regardless of their membership in the NZBA.

• Wells Fargo, the fourth largest bank in the US, has withdrawn from the Net-Zero Banking Alliance (NZBA) and abandoned both its 2030 sectoral financed emission targets and its overall goal to reach net zero financed emissions by 2050.
• Several other major financial institutions have also exited the NZBA, including all major US and Canadian banks, as well as Australia's Macquarie and Japan's Sumitomo Mitsui Banking Corporation (SMBC). As of 5 March, the NZBA consisted of 134 banks from 44 countries.
• Unlike Wells Fargo, other banks that left the NZBA have claimed to maintain their climate commitments. Citi, Goldman Sachs, and Morgan Stanley stated they remain committed to net zero; Canadian banks made similar claims; and SMBC stated it would leave its climate commitments unchanged.

APA

Manickawasagar, A. (2025). Banks must not follow Wells Fargo’s climate irresponsibility. Reclaim Finance. https://reclaimfinance.org/site/en/2025/03/10/banks-must-not-follow-wells-fargos-climate-irresponsibility/

Chicago

Manickawasagar, Aatiraï. Banks must not follow Wells Fargo’s climate irresponsibility. Reclaim Finance, 2025. https://reclaimfinance.org/site/en/2025/03/10/banks-must-not-follow-wells-fargos-climate-irresponsibility/.

Wikipedia

{{cite press release |last1=Manickawasagar |first1=Aatiraï |title=Banks must not follow Wells Fargo’s climate irresponsibility |publisher=Reclaim Finance |date=10 March 2025 |url=https://reclaimfinance.org/site/en/2025/03/10/banks-must-not-follow-wells-fargos-climate-irresponsibility/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{manickawasagar2025banks, author = {Manickawasagar, Aatiraï}, title = {{Banks must not follow Wells Fargo’s climate irresponsibility}}, publisher = {Reclaim Finance}, year = {2025}, month = mar, url = {https://reclaimfinance.org/site/en/2025/03/10/banks-must-not-follow-wells-fargos-climate-irresponsibility/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }