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Company Response

Response by Wells Fargo

Wells Fargo has issued a Business Standards Report (BSR), which details the changes Wells Fargo has made, and continues to make, since 2016 ... we established an external Stakeholder Advisory Council... nearly doubled the Environmental and Social Risk Management (ESRM) team... and adopted an Indigenous Peoples Statement to strengthen our due diligence practices for transactions with customers whose operations may adversely impact indigenous communities... Wells Fargo believes that climate change represents one of the greatest challenges of our time, and we recognize that certain communities, particularly those of low-to-moderate income, may be disproportionately affected by the impacts of climate change. Wells Fargo is committed to accelerating the transition to a low-carbon economy and minimizing the impacts of climate change on our customers and communities, and we bring this commitment to life through our business, our operations and culture, and strategic philanthropic partnerships... A few examples [include]...  In April 2018, we announced that Wells Fargo will provide $200 billion in financing to sustainable businesses and projects by 2030 with more than 50 percent focused on renewable energy, clean technology and green-building transactions... [and] In 2017, Wells Fargo began meeting 100% of our global electricity needs with renewable energy and has already met its 2020 carbon-reduction goal of 45 percent from a 2008 baseline. 

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