RBC and Fossil Fuels - Fossil Free RBC

$42B

in fossil fuels in 2022

$250B

in coal, oil, and gas since the Paris Climate Agreement was enacted in 2016

$4.8B

in tar sands financing in 2022

RBC and Canadian banks are establishing themselves as lenders of last resort to the fossil fuel industry, putting us all on the hook for oil and gas company profits while frontline communities suffer.

In 2022, RBC was one of the largest investors in extreme energy, like tar sands and fracked oil and gas projects, investing more than $38 billion dollars into fossil fuels. This includes over $4.8 billion to tar sands majors. That’s not all, while other banks decreased tar sands financing, RBC expanded the financing it offered to major tar sands companies Cenovus Energy Inc and Enbridge Inc. 

All this despite clear calls from racialized communities on the frontlines of RBC-financed projects demanding divestment and respect of Indigenous sovereignty. From financing new tar sands pipeline projects that infringe on the rights of Indigenous peoples, to funding the toxic fracked gas Coastal GasLink pipeline, to financing gas projects on the Gulf Coast that pollute the air of predominantly communities of colour, RBC continues to bury its proverbial head in the sand when it comes to the need for real climate action.

Greenwashing

While RBC executives tout climate commitments publicly, behind closed doors it is blocking climate action and bankrolling the world’s worst climate polluters.

What RBC says….

In reality…

“Indigenous communities have a long history of partnering with RBC. By building relationships based on mutual respect, shared values and a common understanding, together we can create a strong, sustainable future for communities from coast to coast to coast.”

RBC funds projects through unceded territories without the consent of Indigenous communities whose lands are impacted by RBC’s financing. This has included the Coastal GasLink pipeline which is being resisted by the Wet’suwet’en and Gitxsan nations, and the Trans Mountain pipeline which is being resisted by the Tsleil Waututh, Musqeaum, Squamish, and Secwempemc nations.

“Climate change is one of the most pressing issues of our age.”

RBC is doubling down as a fossil fuel lender of last resort, funding more than $38 billion dollars in fossil fuels in 2022, and nearly $250  billion since the Paris Agreement was signed in 2022.

“We’re helping our clients transition”

RBC is helping their client greenwash. RBC helped arrange US$5.4B of ‘sustainability-linked’ financing for coal mine operator, Germany company RWE, which is dismantling wind turbines to expand their Garzweiler coal mine

“Diversity and inclusion is a core value at RBC and we are committed to making our workplaces, culture and communities both inclusive and welcoming for all.”

Racialized communities on the frontlines of RBC-funded projects consistently call on the bank to stop endangering health and wellbeing, and violating  Indigenous sovereignty. RBC is funding projects from the Coastal GasLink pipeline that threatens the Wet’suwet’en nation, to TotalEnergies, the company behind the East Africa Crude Oil Pipeline that would displace over 100,000 people across Uganda and Tanzania. RBC’s funding practices continue to harm racialized communities.

Meet the team
At Your Everyday Bank

Dave McKay - Chief Executive Officer

With climate criminal CEO Dave McKay at the helm, RBC is doubling down on fossil fuels. Meanwhile the rest of us are bearing the costs: fires and floods; deadly heat and toxic smoke; Indigenous people pushed off sovereign homelands; and communities and families endangered.

John Stackhouse - Head of Greenwashing and Promising Climate Action

With John Stackhouse in charge, RBC tries to paint a thin layer of climate-friendly gloss over its destructive funding practices. It's almost impressive how Stackhouse manages to maintain such a pristine facade of sustainability while continuing to prioritize profits over people and the planet.

Thierry Vandal - TC's Energy's Champion

Who needs superheroes when we have Thierry Vandal, champion of the fossil fuel industry? It's almost like he has a direct line to fossil fuel executives to prioritize TC Energy’s precious pipelines. In fact he’s on their board. Thierry is also on the board of the Royal Bank of Fossil Fuels, and is always there to champion TC Energy’s best interests

Tell RBC to Stop Financing Fossil Fuels Now!

Together, we can force RBC to change its fossil fuelled ways. Will you sign the petition demanding that RBC divest from fossil fuels now?

Act Now