Bloomberg, Wells Fargo Announce Climate Finance, Sustainability Pledges
Photo by IISD/ENB | Kiara Worth
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UN Secretary General’s Special Envoy for Climate Action Michael Bloomberg announced a US$4.5 million contribution to support UNFCCC operations, including helping countries implement their commitments under the Paris Agreement.

Bloomberg promised that his foundation would cover any cuts to UN climate funding by the US Government.

Wells Fargo, a multinational financial services company, announced that it will invest US$200 billion through 2030 in businesses and projects that support the transition to a low-carbon economy.

24 April 2018: Wells Fargo and Bloomberg Philanthropies have pledged to invest in climate action and sustainability to help achieve the SDGs and the objectives of the Paris Agreement on climate change, for which sustainable financing is crucial. Bloomberg Philanthropies will contribute US$4.5 million to help deliver on Paris Agreement goals, while Wells Fargo will invest US$200 billion in sustainability through 2030.

The UN Secretary General’s Special Envoy for Climate Action, Michael Bloomberg, announced a US$4.5 million contribution to support UNFCCC operations, including helping countries implement their commitments under the Paris Agreement. The contribution, made through Bloomberg Philanthropies, aims to fill the funding gap resulting from the US’s intended withdrawal from the Paris Agreement and President Trump’s proposed budget cuts for international climate programmes, among others. The contribution will provide the UNFCCC Secretariat with 60% of anticipated US Government support for 2018, given that the US omnibus spending bill, passed by Congress in March, cut UNFCCC funding from US$7.5 million to 3 million.

Bloomberg pledged additional funds for 2019 should the US continue to fail to pay its share.

More specifically, the contribution will go towards: strengthening the UNFCCC Secretariat’s capacity to support developing countries; undertaking strategic outreach to promote climate action among all stakeholders, including cities, regions, business and civil society; and addressing institutional needs in areas such as information and communications technology (ICT). It will also cover costs associated with international climate negotiations formerly paid for by the US Government, including financing the participation of the Least Developed Countries (LDCs) in the 24th session of the Conference of the Parties (COP 24) to the UNFCCC in Katowice, Poland, in December 2018.

Bloomberg promised that his foundation would cover any cuts to UN climate funding by the US Government, and pledged additional funds for 2019 should the US continue to fail to pay its share. [UNFCCC Press Release on Bloomberg Support] [Bloomberg Philanthropies Press Release]

Wells Fargo, a multinational financial services company, announced that it will invest US$200 billion through 2030 in businesses and projects that support the transition to a low-carbon economy. More than 50% of the financing will go towards clean technologies, renewable energy, green bonds and sustainable transportation. The remainder will support companies and projects focused on sustainable agriculture, recycling, conservation and other environmentally beneficial activities. In an effort to increase transparency, Wells Fargo will provide information on the types of transactions that account for the US$200 billion commitment, disclose the carbon intensity of its portfolio, and provide robust progress and impact reporting.

These commitments follow Wells Fargo’s 2012 goal of investing US$30 billion in clean technologies by 2020, which it met in 2015. In 2016, projects owned in whole or in part by Wells Fargo produced more than 9% of all wind and solar photovoltaic energy generated in the US, and, in 2017, the company invested US$12 billion in sustainable businesses. In 2017, Wells Fargo began meeting all of its global electricity needs with renewable energy. It also met its 2020 carbon reduction goal of 45% from 2008 baseline, and made progress towards other sustainability goals focused on water, energy efficiency and waste reduction, among others.

Commitments made by other financial institutions include the Spanish bank BBVA pledge to spend €100 billion by 2025 to fight climate change, and HSBC investing a comparable amount in low-carbon projects. [UNFCCC Press Release on Wells Fargo Pledge] [Wells Fargo Press Release] [Climate Action Press Release on BBVA’s Announcement]


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