Wells Fargo & Co. unveiled a 10-point environmental plan Monday that includes incorporating environmental due diligence procedures and practices for middle-market and large corporate customers in environmentally sensitive industries.
As part of the plan, the San Francisco company adopted the Equator Principles, guidelines endorsed by many global banking companies to promote project finance policies that protect the environment.
Wells said its plan will integrate environmental responsibility into its business practices.
The plan includes a commitment to provide financing and investments of more than $1 billion over the next five years to environmentally beneficial business opportunities, such as sustainable forestry.
Wells also created an outside environmental advisory board; committed to promote energy-efficient mortgage products; endorsed energy conservation in its own operations; and promised annual updates on its environmental initiatives.
