Wells Fargo & Company (NYSE: WFC) said today it will buy renewable energy certificates (RECs) to support generating 550 million kilowatt-hours of clean, renewable wind energy a year for three years. With this action, Wells Fargo becomes the largest corporate purchaser of renewable energy in the United States according to the U.S. Environmental Protection Agency.
“This purchase further demonstrates our company’s commitment to both environmental stewardship and environmental leadership and it reflects the desire of our team members to do what’s right for our customers, our communities, and our company,” said John Stumpf, president and COO.
The purchase will offset 40 percent of Wells Fargo’s electricity consumption with 100 percent Green-e® certified wind energy. It will help develop renewable energy and prevent the emission of 380,000 tons of carbon dioxide each year, the equivalent of reducing the CO2 emissions of 75,000 cars annually or by reducing the equivalent CO2 emissions associated with 40,000,000 gallons of gasoline each year.
This is a modified news release from Wells Fargo.