$250,000 grant supports research to help increase consumer demand for "greener" products
The University of Minnesota's Carlson School of Management and Wells Fargo & Company (NYSE: WFC) announced today a $250,000 grant from Wells Fargo to help develop the Sustainability Initiative at the Carlson School. The Sustainability Initiative will sponsor and conduct research on the consumer behavior associated with the purchase, use and disposal of environmentally beneficial products and processes. The research will be funded and guided by a group of business executives, community leaders, and academics.
"Nearly 98 percent of all funding for sustainability initiatives goes towards developing new technologies," says Professor Akshay Rao, the General Mills Chair in Marketing at the Carlson School and head of the Sustainability Initiative. "To make sure there is a viable market for new 'green' technologies, we must understand underlying consumer beliefs and behaviors associated with the adoption and use of those technologies."
With the support of corporations such as Wells Fargo, the Carlson School is creating a research program to help corporate strategists and decision makers design and implement more effective sustainability strategies based on reputable consumer research.
"The Sustainability Initiative will help drive consumer understanding and demand for energy efficiency and other such efforts that can improve our communities, our environment, and our society's competitiveness in the new 'greener' economy," says Jim Henney, senior vice president of Enterprise Customer Insights and Analysis at Wells Fargo. "We're proud to be the first corporate sponsor of the Sustainability Initiative and support the Carlson School's leading efforts. We encourage other leading corporations to do the same."
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. We want to help all of our customers succeed financially and create long-term economic growth and quality of life for everyone in our communities. In 2010, the Company invested a record $219 million in grants in 19,000 nonprofits, and team members contributed more than 1.3 million volunteer hours around the country. For more information, please visit: www.wellsfargo.com/about/csr.