Wells Fargo has officially abandoned its goal of achieving “net-zero emissions” by 2050, marking a major shift in the bank’s environmental policies.
The decision comes after Texas Attorney General Ken Paxton’s office started an examination of the bank’s interactions and dealings with energy companies, especially those in the oil and gas industry.
Paxton’s review focused on whether Wells Fargo was engaging in practices that essentially equated to a boycott of the energy sector, specifically targeting Texas-based oil and gas companies. According to a February 28, 2025, press release, Paxton’s office expressed concern that such actions were potentially harmful to the Texas economy and might be in violation of state law.
Paxton applauded Wells Fargo’s decision, calling it a victory for the Texas economy and the energy industry.
“This is a step in the right direction and yet another victory against the left’s total war on American energy,” Paxton said. “Under my watch, there will be zero tolerance for corporations who illegally boycott the Texas oil and gas industry.”
Wells Fargo’s move to withdraw from the Net-Zero Banking Alliance, a group of financial institutions committed to reducing emissions, could be seen as a direct response to growing pressure from state politicians. The bank’s choice to distance itself from the alliance shows a big departure from the left-leaning, activist-driven push that has dominated some corporate environmental strategies in the past few years under the Biden administration.
Many lawmakers have criticized the Net-Zero Banking Alliance for pushing financial institutions to adopt policies that could restrict funding for key sectors in favor of alternative energy sources, as previously reported by The Dallas Express.
“Wells Fargo continues to lead by example by recommitting itself to maximizing returns for investors and discontinuing its anti-energy goals due to our efforts,” Paxton added.
Paxton has made it clear that his office will continue monitoring banks and other financial institutions to hold them accountable if they engage in discriminatory practices against Texas’ energy sector.
“I will continue to press forward to ensure that every bank and financial institution that wants to do business with Texas follows in their footsteps,” Paxton concluded.