Wells Fargo plans to invest $200 billion by 2030 in businesses and projects that are fast tracking the transition to a low-carbon economy.

The financial giant made the announcement this month, confirming more than half the money will go to pioneering clean tech and green power initiatives designed to achieve a low-carbon world.

CEO Tim Sloan said: “Wells Fargo is committed to taking a leadership role in supporting the transition to a low-carbon economy and promoting environmental sustainability through our products and services, operations and culture, and philanthropy. With this commitment, we are combining a strong financial goal with enhanced transparency and disclosure practices that we believe will lead to sector-wide progress on responsible, sustainable finance.”

Wells Fargo also said it will provide annual ‘impact reporting’ and details of contributions being made to the United Nations Sustainable Development Goals.