The club has partnered with Football For Future (FFF) to maximise its "positive impact" on the city and globally – and ensure it is as eco-friendly as possible.
The move will see a comprehensive review of the club's environmental footprint and current performance assessed, while a strategy is drawn up by club chiefs.
Staff workshops – covering the interrelationship between football and climate change – will be held, and Wolves fans will be engaged in the "climate conversation".
Steve Sutton, Wolves facilities, safety and security director, said: "We are delighted to embark upon this project, building upon the many positive steps already undertaken in relation to energy efficiency, renewable energy and recycling.
"We look forward to establishing a club-wide sustainability strategy, developing our understanding and improving our environmental performance to position Wolves as an industry leader, engaging with fans and stakeholders on this very important issue.’
Thom Rawson, head of sustainability and project lead of FFF, added: "Wolves have shown real commitment to sustainability by engaging in this trailblazing partnership.
"We look forward to fostering culture change and positive attitudes towards environmental sustainability at the club as part of this project.”
The project started after the Wolves 1877 Trust submitted and passed a motion asking for a greater focus on sustainability and net zero carbon emissions at the Football Supporters Association (FSA) AGM in November 2021.
Neil Dady, board member and FSA national council member, said: "Wolves 1877 Trust welcome the partnership between the club and Football for Future and look forward to our involvement with this exciting initiative.
"Sustainability is a growing concern for Wolves supporters and we are pleased that the club have reacted positively to our FSA motion "
Data from Playing Against The Clock suggests a quarter of professional football clubs in England could be flooded on a regular basis by 2050 – including Chelsea's Stamford Bridge, West Ham's London Stadium and Southampton's St Mary's.
Currently, the average grassroots pitch in England already loses five weeks a season to bad weather. Sport also contributes to climate change, with an estimated global carbon footprint the size of Tunisia.