Although they publicly tout their commitment to clean energy, Wells Fargo has significant investments in the fossil fuel industry that’s driving the global climate crisis. According to Wells Fargo’s own report from 2015, the bank has $14 billion committed to the oil and gas industry.
On December 15, two loans totaling $1.5 billion that Wells Fargo, JP Morgan Chase and other banks provide to TransCanada, the company behind Keystone XL, will expire. Wells Fargo and these other banks can decide to renew these loans and continue with business as usual, or they can walk away and begin to reduce their investments in tar sands.
A growing movement across the country has been putting a spotlight on Wells Fargo and other big banks’ investments in dirty fuels and pipelines, and pushing cities, institutions, and individuals to divest and reinvest in community solutions.