Wells Fargo to commit $100bn in storage and EVs

Wells Fargo to commit $100bn in storage and EVs

Wells Fargo to commit $100bn in storage and EVs Energy Storage Journal

American bank Wells Fargo has pledged more than $100 billion to support clean technology and fund renewable projects, the company’s CEO Tim Sloan said on April 19 during his keynote address at a CEO Investor Forum in San Francisco, US.

The money will be invested in businesses and projects that support the transition to a low-carbon economy through to 2030.

The move by Wells Fargo will not come as a surprise for many within the industry, as it follows a $12 billion investment in sustainable businesses last year. In 2016 projects owned in whole or in part by the firm produced more than 9% of all wind and solar photovoltaic energy generated in the US.

In 2017, the bank claimed to have met its 2020 carbon-reduction goal of 45% from a 2008 baseline.

The move offsets the company’s investment in the traditional energy sector, which includes financing the construction of the controversial Dakota Access Pipeline in the US, which led to some municipalities withdrawing its financial services from the bank.

In its 8th Banking On Climate Change report the Rainforest Action Group found that between 2014-2016, big banks around the world invested $290 billion in fossil fuel companies. Wells Fargo invested more than $1.5 billion last year and more than $4 billion between 2015-2017, the report notes.

Last year saw the global deployment of 98GWs of solar capacity, outstripping net additions of any other power source — renewable, fossil fuel and nuclear, stated the Global Trends in Renewable Energy Investment 2018 report, released on April 5 by UN Environment, Frankfurt School – UNEP Collaborating Centre, and Bloomberg New Energy Finance.

The report stated that falling costs for solar electricity and wind power were driving deployment. 2017 marked the eighth year in a row where more than $200 billion was invested in the renewables industry. Since 2004 the world has invested $2.7 trillion in renewables.

It is no surprise, therefore, that in 2017 the renewables industry outperformed any other technology in attracting $161 billion, up 18%, of investment. This made up 57% of last year’s total spend of $280 billion on all renewables (excluding large hydro). The UN report also noted that new investment in coal and gas generation capacity was around $103 billion.

“The extraordinary surge in solar investment shows how the global energy map is changing and, more importantly, what the economic benefits are of such a shift,” said UN Environment head Erik Solheim.

Leading the way in renewables last year was China, which invested $127 billion, up 31% from 2016, the UN report found.

Other big invests in the industry were witnessed in Australia (up 147% to $9 billion), Mexico (up 810% to $6 billion), and in Sweden (up 127% to $4 billion).

However, investments in the US fell 6% ($41 billion), and in Europe there was a fall of 36% ($41 billion), with the UK (down 65% to $8 billion) and Germany (down 35% to $10 billion). Meanwhile, the other big market, Japan, fell 28% to $13 billion.

American bank Wells Fargo has pledged more than $100 billion to support a clean technology and fund renewable projects, the company’s CEO Tim Sloan said on April 19 during his keynote address at a CEO Investor Forum in San Francisco, US.

The money, half of the total funding pledge, will be focused on companies and projects that directly support the transition to a low carbon society, including batteries, renewable energy, bonds, and alternative transportation such as electric mobility.

The money will be invested in businesses and projects that support the transition to a low-carbon economy through to 2030.

Sloan, according to online journal Wells Fargo Stories, said: “Wells Fargo is committed to taking a leadership role in supporting the transition to a low-carbon economy and promoting environmental sustainability.”

The move by Wells Fargo will not come as a surprise for many within the industry, as it follows a $12 billion investment in sustainable businesses last year. In 2016 projects owned in whole or in part by the firm produced more than 9% of all wind and solar photovoltaic energy generated in the US.

In 2017, the bank claimed to have met its 2020 carbon-reduction goal of 45% from a 2008 baseline.

The move offsets the company’s investment in the traditional energy sector, which includes financing the construction of the controversial Dakota Access Pipeline in the US, which led to some municipalities withdrawing its financial services from the bank.

In its 8th Banking On Climate Change report the Rainforest Action Group found that between 2014-2016, big banks around the world invested $290 billion into fossil fuel companies. Wells Fargo invested more than one and a half billion last year and more than $4 billion between 2015-2017, the report notes.

Last year saw the global deployment of 98GWs of solar capacity, outstripping net additions of any other power source — renewable, fossil fuel and nuclear, stated the Global Trends in Renewable Energy Investment 2018 report, released on April 5 by UN Environment, Frankfurt School – UNEP Collaborating Centre, and Bloomberg New Energy Finance.

The report stated that falling costs for solar electricity and wind power were driving deployment. 2017 marked the eighth year in a row where more than $200 billion was invested in the renewables industry. Since 2004 the world has invested $2.7 trillion in renewables.

It is no surprise, therefore, that in 2017 the renewables industry outperformed any other technology in attracting $161 billion, up 18%, of investment. This made up 57% of last year’s total spend of $280 billion on all renewables (excluding large hydro). The UN report also noted that new investment in coal and gas generation capacity was around $103 billion.

“The extraordinary surge in solar investment shows how the global energy map is changing and, more importantly, what the economic benefits are of such a shift,” said UN Environment head Erik Solheim.

Leading the way in renewables last year was China, which invested $127 billion, up 31% from 2016, the UN report found.

Other big invests in the industry were witnessed in Australia (up 147% to $9 billion), Mexico (up 810% to $6 billion), and in Sweden (up 127% to $4 billion).

However, the US saw investments fell 6% ($41 billion), and in Europe there was a fall of 36% ($41 billion), with the UK (down 65% to $8 billion) and Germany (down 35% to $10 billion). Meanwhile, the other big market, Japan, fell 28% to $13 billion.