Proportion of Wells Fargo Green Building Lending in Decline
To date, banking giant Wells Fargo has made a $6 billion business in lending to and investing in environmental and renewable energy projects, but the proportion of the total going toward green building is in decline.
Of that total, about $3.25 billion has been related to green buildings, with $1.85 billion in renewable energy and other $1.1 billion in “green business,” according to Wells Fargo’s Environmental Finance Report (PDF).
But historically, the proportion put toward green building projects is in decline, with a little over half of all funds so far. At the end of 2008, Wells Fargo reported that two-thirds of its environmental lending had gone toward green building.
In green building, Wells Fargo helped fund a $26 million energy efficient renovation of the Chicago Holiday Inn- Mart Plaza, among others.
The cumulative amount continues to climb year-by-year, from less than $1 billion in 2005 to 2008, which surpassed $5 billion and 2009, which saw total investments to date surpass $6 billion.
Among the renewable energy projects Wells Fargo has invested in, about 3,600 megawatts of new energy capacity has resulted.
Last year, Wells Fargo said it planned to reduce its U.S. greenhouse gas emissions 20 percent by 2018, compared to a 2008 baseline.
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