Wells Fargo will buy renewable energy certificates to support generating 550 million kilowatt-hours of wind energy a year for three years, making Wells Fargo the largest corporate purchaser of renewable energy in the U.S.
The purchase will offset 40 percent of Wells Fargo’s electricity consumption with 100 percent wind energy. It will prevent the emission of 380,000 tons of carbon dioxide each year, the equivalent of reducing the CO2 emissions of 75,000 cars annually or by reducing the equivalent CO2 emissions associated with 40,000,000 gallons of gasoline each year.
“Wells Fargo is a leading example of how corporate America can reduce greenhouse gas emissions associated with electricity use,” said Kathleen Hogan, Director of the Climate Protection Partnership Division for the U.S. Environmental Protection Agency. “Wells Fargo is now the top corporate purchaser among EPA’s Green Power Partners to purchase clean, renewable energy. EPA applauds Wells Fargo for its purchase and hopes other U.S. corporations follow their lead.”
Wells Fargo recently invested in a Texas-based wind farm and has provided $720 million in financing to develop Leadership in Energy Efficiency and Design certified buildings. The company implements energy efficiency measures in its existing and new buildings. For example, replacing cooling equipment at Wells Fargo Plaza in Phoenix with high-efficiency equipment reduced the building’s energy consumption by nearly 30 percent. Two Wells Fargo buildings in San Francisco have been designated as ENERGY STAR buildings (among the top 10 percent of energy-efficient buildings in the country.) In California, Wells Fargo has been recognized for its 20 percent reduction in energy use at its administrative buildings, a reduction it has sustained since 2001.
Wells Fargo’s RECs are supplied by 3 Phases Energy, a national renewable energy marketing and development company.