10 among global banks, behind US rivalsandWhy Wells Fargo is changing its tuneDespite Monday's announcement, Wells Fargo is not saying goodbye to the fossil fuels industry. Instead, Weiss said, Wells Fargo plans to help its clients transition to a more sustainable future and lower their emissions. Likewise, Wells Fargo said it will set and disclose targets for additional sectors within a "reasonable time" after disclosing financed emissions for those sectors. The Sierra Club called on Wells Fargo and other banks to set a firm timeline for phasing out fossil fuel financing. Wells Fargo decided to make its announcement now, Weiss said, because of the urgent nature of the crisis.

Source: CNN March 08, 2021 19:03 UTC