Jennifer Merli Joins Wells Fargo as Sustainability Director
Wells Fargo, one of the leading financial institutions in the US, has appointed Jennifer Merli as Executive Director, Sustainability Strategy & Initiatives.
An expert in corporate sustainability, Jennifer’s appointment signals a possibility for renewed focus amidst shifting climate priorities within the US finance sector.
The appointment follows Wells Fargo's decision to reconsider its net zero emissions goal for its financed portfolio by 2050. This reflects a strategic pivot in balancing sustainability goals with a pragmatic approach to operational and financed emissions.
“Life - work life, personal life, all life - is unpredictable,” Jennifer shared on LinkedIn.
“Today was Day One of my new job leading sustainability strategy and initiatives at Wells Fargo. Can't wait to dive into this work with my new boss Jeffrey Schub, our top-notch Sustainability and Public Affairs teams and the entire Wells Fargo enterprise.”
Jennifer Merli’s career
Jennifer’s career intersects science, technology, finance and sustainability. She holds a BA in Geology and Environmental Studies and an MBA in Finance and Marketing. Her career began as a hydrogeologist at Roux Associates, progressing into leadership roles at major financial institutions and corporations.
Her experience includes marketing roles at GE Money and Citigroup before joining Mastercard, where she worked for 15 years. As Vice President of Corporate Sustainability, she integrated environmental principles into business operations, which shaped her approach in leading ESG transformations.
“How do you define your ESG values from a corporate strategy standpoint inwardly, but also outwardly,” Jennifer previously stated at Mastercard.
“How does that strategy manifest? Climate is at the top of the agenda because it is so urgent.”
Jennifer's journey took her to Cognizant as Senior Sustainability Advisor before her engagement with Wells Fargo.
Wells Fargo’s sustainability commitments
Wells Fargo has committed to deploying US$500bn in sustainable financing by 2030, supporting a shift to a low-carbon economy through investments in climate solutions, clean energy and community resilience.
While initially setting ambitious net zero targets for its operations and financed activities by 2050, Wells Fargo adjusted its approach due to sector pressures and external variables. The bank announced the cessation of sector-specific 2030 interim financed emissions targets.
“We are discontinuing our sector-specific 2030 interim financed emissions targets and our goal to achieve net zero by 2050 for financed emissions,” Wells Fargo disclosed.
The bank emphasises its commitment to facilitating client objectives by leveraging its financing capabilities and expertise. It maintains its sustainable finance goals, operational sustainability targets and 2050 operational emissions goal, committed to meeting clients’ energy needs.
Ongoing operational goals for 2030 include:
- Reducing GHG emissions (Scope 1 and 2) by 70% from 2019 levels
- Reducing energy usage by 50% from 2019 levels
- Reducing total waste stream by 50% from 2019 levels
- Reducing water usage by 45% from 2019 levels
- Meeting 100% of annual purchased electricity needs with renewable sources
The future of sustainability at Wells Fargo
As one of the largest companies worldwide, Wells Fargo aims to play a role in global decarbonisation, even while scaling back some targets.
The bank’s focus includes:
- Accelerating sustainable finance, deploying US$500bn by 2030, and supporting climate solutions and supply chains
- Enhancing operational sustainability through technology and efficiency, reducing emissions, energy, waste, and water usage
- Assisting clients in carbon-intensive sectors with tailored emissions-reduction strategies
- Fostering partnerships and stakeholder engagement for systemic impact
Wells Fargo believes the current environment demands collaborative efforts, policy innovation, and technological advancements, paving the way forward for fintech leaders in sustainability.
