Gabby Brown, gabby.brown@sierraclub.org
According to disclosures submitted to the non-profit CDP and reported yesterday by Bloomberg, Wells Fargo sees the climate crisis as an opportunity to make more money.
“Preparation for and response to climate-change induced natural disasters result in greater construction, conservation and other business activities,” the bank wrote, adding that it “has the opportunity to provide financing to support these efforts.”
Wells Fargo has provided billions in financing for the extreme fossil fuel projects that are driving climate change. In recent years, the bank has faced mounting pressure to pull its support for the fossil fuel industry, but has taken no action to do so and has instead doubled down on its support for the dirtiest fuels on the planet including coal and tar sands.
In response, Sierra Club Campaign Representative Ben Cushing released the following statement:
“It’s despicable that Wells Fargo is seeking to profit from the destruction and suffering its own investments are helping to create. Rather than scheming about how to make more money off of the climate crisis, Wells Fargo should stop making the problem worse and divest from the dirtiest fuels on the planet.”
About the Sierra Club
The Sierra Club is America’s largest and most influential grassroots environmental organization, with more than 3 million members and supporters. In addition to helping people from all backgrounds explore nature and our outdoor heritage, the Sierra Club works to promote clean energy, safeguard the health of our communities, protect wildlife, and preserve our remaining wild places through grassroots activism, public education, lobbying, and legal action. For more information, visit www.sierraclub.org.