Wells Fargo & Company is buying renewable energy certificates (RECs) to support generating 550 million kWh of clean, renewable wind energy a year for three years. The company is now the largest corporate purchaser of renewable energy in the U.S., according to the U.S. Environmental Protection Agency.
The purchase, the company says, will offset 40% of Wells Fargo's electricity consumption with 100% Green-e certified wind energy. This will prevent the emission of 380,000 tons of carbon dioxide each year – the equivalent of reducing the CO2 emissions of 75,000 cars annually.
Wells Fargo says it supports renewable energy and energy efficiency in its business practices and operations. The company recently invested in a Texas-based wind farm and has provided $720 million in financing to develop Leadership in Energy Efficiency and Design certified buildings.
The RECs are supplied by 3 Phases Energy, a national renewable energy marketing and development company. The nonprofit Center for Resource Solutions' Green-e program certifies and verifies the RECs.