Wells Fargo has decided to abandon its net-zero emissions target for financed emissions by 2050, a move welcomed by Attorney General Paxton. The decision followed a review initiated by Paxton to investigate whether the bank was boycotting energy companies, particularly those in the oil and gas sector.
Recently, Wells Fargo also withdrew from the Net-Zero Banking Alliance. This group has been described by critics as having an agenda that could compromise America's energy independence.
Attorney General Paxton stated, "This is a step in the right direction and yet another victory against the left’s total war on American energy." He emphasized his stance against corporations that might boycott Texas's oil and gas industry. "Under my watch, there will be zero tolerance for corporations who illegally boycott the Texas oil and gas industry," he added.
Paxton acknowledged Wells Fargo's action as leading by example. He remarked on their recommitment to maximizing investor returns while discontinuing anti-energy goals due to his efforts. Paxton expressed determination to ensure other banks and financial institutions doing business with Texas follow suit.