Singapore markets open in 2 hours 41 minutes
  • Straits Times Index

    3,064.54
    +5.93 (+0.19%)
     
  • S&P 500

    4,473.75
    -6.95 (-0.16%)
     
  • Dow

    34,751.32
    -63.07 (-0.18%)
     
  • Nasdaq

    15,181.92
    +20.39 (+0.13%)
     
  • BTC-USD

    47,650.86
    -457.60 (-0.95%)
     
  • CMC Crypto 200

    1,209.85
    -23.43 (-1.90%)
     
  • FTSE 100

    7,027.48
    +10.99 (+0.16%)
     
  • Gold

    1,753.40
    -3.30 (-0.19%)
     
  • Crude Oil

    72.65
    +0.04 (+0.06%)
     
  • 10-Yr Bond

    1.3310
    +0.0270 (+2.07%)
     
  • Nikkei

    30,323.34
    -188.37 (-0.62%)
     
  • Hang Seng

    24,667.85
    -365.36 (-1.46%)
     
  • FTSE Bursa Malaysia

    1,555.26
    -0.25 (-0.02%)
     
  • Jakarta Composite Index

    6,109.94
    -0.29 (-0.00%)
     
  • PSE Index

    6,968.43
    +88.23 (+1.28%)
     

Wells Fargo signs multi-year contracts with Shell for clean energy

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
A Wells Fargo logo is seen in New York City
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

(Reuters) - U.S. lender Wells Fargo said on Wednesday it had signed multi-year purchase agreements for renewable energy with Royal Dutch Shell's units, as it progresses toward its clean energy goals.

The agreements would involve the development of new utility-scale solar installations in several counties, the lender said in a statement.

Wells Fargo did not disclose the size of its investment but said it would be able to meet the energy needs of about 1,200 properties in California and the mid-Atlantic states.

Many corporates have committed billions of dollars to fund green projects and pledged to reduce their carbon footprint, while some banks have said they would cut exposure to fossil fuel funding.

Wells Fargo has been meeting all its annual global electricity requirements with renewable energy since 2017 and is now working to set up longer-term contracts and increase power generation from on-site renewable sources.

(Reporting by Taru Jain; Editing by Subhranshu Sahu)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting