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Exclusive: Wells Fargo is joining the green wave sweeping finance

March 8, 2021. Summarized by summa-bot.

Compression ratio: 16%. 1 min read.

NEW YORK, NEW YORK - SEPTEMBER 24: A person wears a protective face mask outside Wells Fargo bank in Union Square as the city continues Phase 4 of re-opening following restrictions imposed to slow the spread of coronavirus on September 24, 2020 in New York City. The fourth phase allows outdoor arts and entertainment, sporting events without fans and media production. (Photo by Noam Galai/Getty Images)

Wells Fargo is the latest big bank to embrace ambitious lending goals to fight the climate crisis.

New York (CNN Business)Wells Fargo is the latest big bank to embrace ambitious lending goals to fight the climate crisis.

And we want to be leaning into it, financing it and helping our clients through it rather than ignoring it," Jon Weiss, CEO of corporate and investment banking at Wells Fargo, told CNN Business.

Wells Fargo, the third largest US bank by assets, joins a parade of big banks setting net zero goals — following similar pledges made last week by Goldman Sachs and Citigroup.

But Wells Fargo and the other big banks are also under serious pressure from investors who want to back companies that are viewed as part of the solution, not the problem.

Instead, Weiss said, Wells Fargo plans to help its clients transition to a more sustainable future and lower their emissions.

Wells Fargo decided to make its announcement now, Weiss said, because of the urgent nature of the crisis.

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