Wells Fargo’s green efforts have earned the organization the right to be pre-certified for Leadership in Energy and Environmental Design (LEED). One of the first to be pre-certified, the institution applied for the designation in order to demonstrate that its new banking stores are truly green.
As part of the agreement, Wells Fargo is committed to reducing its energy usage by 20 percent and water usage by 40 percent in its newly constructed buildings as compared to conventional buildings.
The U.S. Green Building Council (USGBC), the organization that grants the pre-certifications, is a non-profit community of leaders working to encourage the construction of green buildings. According to the USGBC, LEED certification provides independent, third-party verification that a building project meets the highest green building and performance measures.
Studies have found that conventional buildings emit 39 percent of the CO2 overall in the United States, in direct correlation to climate change. They also consume 71 percent of the electricity annually. In contrast, LEED buildings expend half the energy of non-LEED buildings.
“Wells Fargo has been a large supporter of the green building movement throughout the years and was a pioneer participant in the USGBC Portfolio Pilot Program,” said Rick Fedrizzi, the USGBC president, CEO, and founding chair. “We appreciate their dedication as we set out to conserve energy and other natural resources through green building practices.”
The organization is one of 40 participants in the pre-certification pilot program. Buildings constructed within a two-year timeframe will be eligible for LEED certification. The silver-rated pre-certification took nine months for Wells Fargo to achieve, becoming official this past July. Other possible ratings in the program are gold and platinum.
“We are pursuing LEED certification for four banking stores to date with many more coming down the pipeline,” stated Stephanie Rico of Environmental Affairs for Wells Fargo.
With the establishment of a pre-certification process, the progression is much more efficient for participants. Most of the work is done ahead of time rather than having to go through a lengthy procedure later. The pre-certification is based on the pre-approval of designs meeting LEED standards, including the building sites as well as the interior and exterior of the buildings.
“This is another example of our commitment to environmental stewardship, saving energy, and reducing greenhouse gas emissions,” stated Carrie Tolstedt, head of Wells Fargo Community Banking.
Included as part of the prototype that Wells Fargo proposed is the commitment to using 20 percent recycled materials in its new buildings. Also, 75 percent of the wood-based supplies used will be certified by the Forest Stewardship Council as having come from forests and factories that are managed within environmentally approved standards. Thirdly, the new structures will contain accountability measures for energy consumption in order to make certain that proposed savings goals are realized.
In addition to its own LEED pre-certification, Wells Fargo backs the construction and development of green buildings in various other fashions, according to Stephanie Rico. For example, the organization has just surpassed the $2 billion mark in lending for LEED certified buildings. Twenty-eight percent of buildings financed by Wells Fargo are LEED-rated, demonstrating a large increase over last year.
Established in 1852, Wells Fargo now ranks fifth in assets and fourth in market value of its stock among its peers. It boasts a hefty $609 billion in assets. The company provides a variety of financial services including banking, insurance, investments, and mortgage products. Although headquartered in San Francisco, it considers each location a headquarters in and of itself since the organization operates in a decentralized mode in order to best meet its customers’ needs.
The company channels its services via the internet, nearly 6,000 banking stores, and through other distribution vehicles all across North America and globally. It employs 160,500 team members throughout its 80-plus companies.
Wells Fargo has enjoyed the honor of being named “Green Power Partner of the Year” by the U.S. Environmental Protection Agency. Additionally, Fortune has ranked Wells Fargo the 17th most profitable company in the United States as well as the 33rd largest employer. Barron’s called Wells Fargo the most admired company in the world.
Also noteworthy is the fact that Wells Fargo is the only bank in the U.S. and one of two globally with the highest credit rating, according to both Moody’s Investors Service and Standard and Poor’s Ratings Services.
Wells Fargo has also been touted as being among the top 10 Biggest Givers in Corporate Philanthropy, according to BusinessWeek.
One important way in which Wells Fargo has given back to the community is by offering a course, Practical Money Skills for Life, to more than a million college students over the past five years. The course is comprised of two online educational training sessions co-sponsored by Wells Fargo and Visa.
“We want our College Credit Card customers to understand the importance of building and managing credit wisely by giving them many educational resources to help them succeed,” said Dinna Martinez, Wells Fargo Card Services and Consumer Lending product manager. ”By building relationships with students now, we’re helping them build healthy financial habits that will serve them well over their lifetimes.”
Also as part of its commitment to educating college students, the company works closely with teachers, school administrators, and government agencies in order to incorporate financial education into schools throughout the United States. Working together, “Hands on Banking” was developed, offering a free financial literacy program that educates people about the factors involved in sensible money management.
Wells Fargo continues to live by its vision, which states: “We want to satisfy all our customers’ financial needs, help them succeed financially, be the premier provider of financial services in every one of our markets, and be known as one of America’s great companies.”
The organization has always placed importance on the contribution of all of its team members. The company’s unchanging values as well as its strong leadership and teamwork have proven invaluable to its success.
Along with this philosophy, Wells Fargo is very committed to being responsible stewards in every community in which they do business. Therefore, the institution integrates environmental responsibility and thoughtfulness into its business practices, operations and culture, encouraging its team members to do the same.
According to Rico, many exciting things are happening on the green front with more to come. Check out their website at www.wellsfargo.com/environment for current information about the organization’s green building activities.
