RBC Fossil Fuel Expansion Funding Jumped 45% Last Year to US$10.8B: Report

RBC said in its latest climate report out earlier in March that its lending and financed emissions are reflective of Canada’s economy, and that a balanced approach is needed for an orderly and inclusive energy transition.

RBC has committed to reaching net zero financed emissions by 2050, and has set interim targets for 2030, but Richard Brooks at Stand.earth says the bank’s funding actions run counter to those commitments.

“It should be a trend downward, but we’re seeing the opposite happening,” said Brooks, climate finance director at the group.

The latest UN report from the Intergovernmental Panel on Climate Change also urged increased funding to climate solutions, which he said RBC is also falling short on.

The bank has committed to providing $500 billion in sustainable finance by 2025, with about $85 billion issued last year, but Brooks said the bank is still putting about $99 towards fossil fuels for every $1 they put into renewables.

“We need all of our tools in our tool box to be aligned around this, and we certainly need our biggest banks to be aligned on this. And right now our biggest bank, RBC, is not.”