Wells Fargo and Shell solar deal. California’s electric truck rule. Ford to go carbon neutral.

These are some important stories, that made headlines last month, and that you may have missed.


These are some important stories, that made headlines last month, and that you may have missed.



01. California’s Landmark Electric Truck Rule Targets ‘Diesel Death Zone’

The California Air Resources Board (CARB) unanimously passed its Advanced Clean Trucks (ACT) Regulation, following a public hearing Thursday. “By 2045, every new truck sold in California will be zero-emission,” CARB said in a news release. The rule requires truck OEMs to sell an increasing percentage of zero-emission trucks in California between 2024 and 2035.

It also includes a one-time reporting requirement for large employers — including retailers, OEMs, brokers and trucking firms — regarding their facilities, types of truck services and fleet. The rule applies to medium- and heavy-duty vehicles from Class 2b to Class 8.

CARB said it will consider two additional sustainability-related actions for trucking in the coming months. “The first sets a stringent new limit on NOx (oxides of nitrogen), a major precursor of smog. This will require that new trucks that use fossil fuels include the most effective exhaust control technology during the transition to electric trucks. There is also a proposed requirement for larger fleets in the state to transition to electric trucks year over year,” CARB said.


02. Ford plans to go carbon neutral by 2050, invest $11.5B in EVs
The Ford Motor Company aspires to achieve carbon neutrality globally by 2050, according to the company’s 21st sustainability report released Wednesday. It is working with Ceres and the Science-Based Targets initiative (SBTi) to set scope 1, 2, and 3 environmental goals in line with the Paris Agreement.

Ford will invest $11.5 billion in its electric vehicle lines through 2022, as well as reducing carbon dioxide production, water use, and waste across its facilities and supplier base. These areas are responsible for 95% of the company’s current emissions, according to a press release.

In the interim, Ford has committed to reducing global facility carbon dioxide levels 18% from 2019 to 2023 and switching over to 100% locally sourced renewable energy in its manufacturing plants by 2035.


03. Wells Fargo and Shell join in solar deal
Wells Fargo has signed a deal to buy 150 megawatts of solar power from Shell Energy, Reuters and The Washington Post reported. The purchase price was not disclosed.

The purchase shows progress toward clean energy goals for the San Francisco-based lender, which has financed $198 billion for fossil fuel companies and projects since the Paris climate agreement was signed in 2015, according to data from the Rainforest Action Network. That total trails only JPMorgan Chase worldwide, the nonprofit said.

Several other banks have promised a greener lending profile over the past six months. Goldman Sachs in December pledged $750 billion over the next 10 years toward companies and projects focused on renewable energy, sustainable transportation, and affordable education. Barclays promised in March to reduce the carbon emissions it creates or funds to net-zero by 2050. And Citi vowed in April to stop providing financial services to thermal coal-mining companies by 2030.

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