These goals must be made public as commitments to society so that stakeholders recognize the in-depth contribution a company is making to sustainable development.
Wells Fargo has announced an integrated CSR strategy to address global social, economic and environmental challenges over the next five years through products and services, culture and operations, and philanthropy. These include: the demographic and cultural shifts taking place in society; the financial needs of underserved individuals and communities; and, the impacts of climate change and natural resource constraints on communities and customers.
Diversity and Social Inclusion
Wells Fargo’s 2020 social commitment includes donating $100 million to meet critical social needs such as advancing social inclusion through education, and developing women and diverse leaders. It will offer $75 million in grants and lending to diverse-owned small businesses.
Environmental Sustainability
Wells Fargo’s 2020 environmental commitment includes providing $65 million in philanthropic giving to critical environmental needs such as clean technology and environmental education. It will reduce water use by 65 percent and increase energy efficiency by 40 percent (2012-2020) and reduce GHG emissions by 45 percent (2008-2020).
Highlights of the 2015 CSR Report
Donated $281.3 million to 16,300 nonprofits to support critical community needs
Reduced water use 47 percent and increased operational energy efficiency 26 percent since 2012
Achieved a 30 percent reduction in greenhouse gas emissions since 2008
Provided more than $52 billion in financing to environmental beneficial businesses since 2012
Invested $7.6 billion in community development projects in low- and moderate-income areas
Hired more than 1,500 veterans, for a total of 8,200 self-identified veteran team members
Spent 12 percent or $1.2 billion of its procurement budget with diverse suppliers
Provided $68.5 million in financial education, jobs assistance, and home donations for military members and veterans since November 2012
Wells Fargo Chairman and CEO John Stumpf said that the company’s efforts to integrate CSR strategies across all aspects of its business, products, and culture have positioned it to have a positive and critical impact on people, industries, and the broader global economy when and where it matters most.
Source: 3BL Media
