Wells Fargo & Co (NYSE:WFC) – profitability with a green economy, JPMorgan Chase & Co (NYSE:JPM)

Posted by Lynn Eisler June 11, 2013 0 Comment 822 views

Wells Fargo & Company (NYSE: WFC) has always been a green economy supporter. It announced that in 2012, the company had provided $6.4 billion in investments and loans, to projects and business that impact the environment in a positive manner. Last year, WFC had announced that it was committed to expand its commitment to $30 billion by the year 2020. The current announcement is its first environmental-financing update since that time. It was in 2005 that the company made its very first environmental-financing commitment.

Right through 2011 WFC provided $11.7 billion in investments and loans and over $3.1 billion in other financial services. With the latest record-announcement of $6.4 billion, in total, the company has financed over $21 billion for green buildings, clean energy customers and green businesses since 2005.

Team commitment

Wells Fargo & Co (NYSE:WFC) has a team of over 30 members who are solely dedicated to clean technology products and businesses and renewable energy. It continues to work upwards on its core-business which is traditional banking services, for different companies that operate in these sectors. WFC’s multiple cleantech- regional teams and focused groups work in conjunction with each other to support green-enterprises as they are the ones that will fuel all long-term economic growth.

Green efforts…

JPMorgan Chase & Co (NYSE:JPM) has also been doing its bit for the environment. It has been at the fore of the sustainability-movement since 2007, when it started its “Go Green” initiative. The company has helped over 10,000 global clients transition previously, paper-intensive treasury-functions into greener, leaner and high-performance electronic operations. Today there is an increased awareness and focus on renewable and alternative energy. JPM invests its own resources and raises capital from outside for various renewable energy projects.

The company has invested $3.8 billion and also raised $3.9 billion from various co-investors, for use in 95 different renewable-energy projects. Since 2003 JPM has assisted in financing 78 wind-power projects for sixteen clients across 20 states. Apart from this, JPMorgan Chase & Co (NYSE:JPM) has invested in thirteen solar-power projects and 4 geothermal power projects. Companies are now going whole-hog with accelerate their support for a clean, green economy.

About Lynn Eisler

Lynn Eisler is a national news reporter focusing on economic issues, data analysis and the financial health of state and local governments. Lynn has been honored with the H.L. Mencken Award for Investigative Reporting, the Champion of Justice Award for reporting on the drug war, and the John Hancock Award for business reporting. Lynn was also a Knight Medical School Fellow at the University of Michigan.

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