Wells Fargo

HQ: US

NZBA withdrawn 2025

Fossil-fuel financing committed in 2024

$39.3B

NZBA pledge vs reality

Pledge signed
2021
NZBA withdrawal
Withdrawn in 2025
Fossil-fuel share of energy financing (2024)
7%

Founding NZBA member April 2021. Withdrew 3 January 2025 — first major US bank to leave the alliance, sparking the Q1 2025 cascade. Fossil financing rose from $37.6B (2021) to $39.3B (2024); +30.16% jump 2023 to 2024. Cumulative 2021-2024: $143.4B.

View loan breakdown (6 items)

Loan breakdown

  • Oil and gas company financing (2024)

    Oil & gas
    $23.6B
    Medium — ~60% of $39.3B per BOCC 2024 Wells sub-sector mix.

  • LNG infrastructure financing (2024)

    LNG
    $7.1B
    Medium — ~18% of 2024 fossil book.

  • Pipelines and midstream (2024)

    Pipeline
    $5.5B
    Medium — Wells Fargo has a historically larger midstream share than peers (~14%).

  • Coal mining and coal power (2024)

    Coal
    $0.8B
    Medium — ~2% of 2024 fossil book.

  • Tar sands and Arctic financing (2024)

    Other
    $1.2B
    Medium — ~3% of 2024 fossil book.

  • Fracking and other unconventional oil and gas (2024)

    Other
    $1.1B
    Medium

Fossil Fool

Foolishness score: 7

Show derivation
  1. First US major to withdraw from NZBA (Jan 2025)Value: 0.95Weight: 0.3[3]
  2. +30.16% one-year financing increase 2023 to 2024Value: 0.3Weight: 0.25[1]
  3. Cumulative 2021-2024 fossil financing $143.4BValue: 0.85Weight: 0.25[1]
  4. Strong domestic fracking and pipeline exposureValue: 0.7Weight: 0.2[1]

Formula: Wells Fargo scores on being the trigger of the 2025 NZBA US exit cascade plus high midstream and shale exposure.

Weights version: v1.0

Deep dive: revision history & methodology

Revision history

  1. 1FossilFoolish editorial

    Initial publication. Source: BOCC 2025 league table; Reuters NZBA exit coverage 3 Jan 2025.

Edited by: FossilFoolish editorial

Last reviewed:

Source: Banking on Climate Chaos 2025 (BOCC Coalition).

Sources

  1. Banking on Climate Chaos 2025: League Table — Rainforest Action Network et al. (accessed 03 May 2026)
  2. Banking on Climate Chaos 2025: Methodology Overview (p.56-57) — Rainforest Action Network et al. (accessed 03 May 2026)
  3. Wells Fargo Leaves Climate-Focused Banking Initiative — ESG Today (accessed 05 May 2026)
  4. JPMorgan Leaves Net Zero Banking Group, Completing Departure of Major U.S. Banks — ESG Today (accessed 05 May 2026)
  5. Wells Fargo 2024 Annual Report — Wells Fargo & Company (accessed 03 May 2026)