Wells Fargo (WFC) said Friday it is discontinuing its sector-specific 2030 interim financed emissions targets and its goal to achieve net zero by 2050 for financed emissions.
The bank will retain its 2030 sustainable finance goal, 2030 operational sustainability targets, and 2050 goal for its own operational emissions, it added.
Wells Fargo said it is adjusting its approach to "focus on doing what banks do best"-providing financing and expertise to help clients pursue their "own objectives."
The bank cited external factors, including public policy, consumer behavior, and technology changes, as reasons for the shift, noting that many conditions necessary for facilitating client transitions have not materialized.
Wells Fargo's stock was up 1.5% in recent trading.
Price: 77.63, Change: +1.01, Percent Change: +1.32
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