Wells Fargo’s net-zero emissions target for its financed portfolio has been scrapped. The bank announced that the goal, which was to have been implemented by 2050, had relied on factors including public policy, consumer behavior and technological advancements which it said are outside its control. The company added that “Many of the conditions necessary to facilitate our clients’ transitions have not occurred.” Reuters notes that the decision comes amid a broader re-evaluation of environmental, social and governance (ESG) commitments in the wake of President Trump’s withdrawal from the Paris Agreement and upending of international partnerships on climate.
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