New Research Reveals RBC’s Client Engagement Strategy on Climate is More Greenwashing - Fossil Free RBC

 

CANADA – A new briefing released today from the Institute for Energy Economics and Financial Analysis (IEEFA) spotlights how the Royal Bank of Canada’s (RBC) recent Client Engagement Approach on Climate strategy falls short, failing to offer concrete timelines, consequences, or transparency. 

On the IEEFA briefing, Richard Brooks, Stand.earth Climate Finance Director said: 

“In 2024, RBC’s continued greenwashing without any concrete action with its energy sector clients is more dangerous delay from Canada’s #1 fossil bank. This briefing is the latest proof of RBC talking out of two sides of its mouth: committing to climate action publicly, while bankrolling Indigenous rights violations and fossil-fueled climate chaos behind closed doors.

“Ahead of the bank’s April 11 shareholder meeting, a growing, powerful movement is rising up to hold RBC accountable, and demand reinvestment in proven climate-safe solutions.”

This briefing builds on the August 2023 IEEFA report laying out how RBC is falling short on climate change, and comes on the heels of the hottest year on record, following devastating climate impacts like fires, floods, and deadly smoke and heat, which RBC’s US$250 billion in fossil fuel financing enables

RBC is currently under investigation by the Competition Bureau of Canada for allegedly misleading consumers with climate-related advertising while continuing to increase financing for coal, oil and gas, including in extreme energy like fracking and tar sands. RBC’s ratio of financing renewables to fossil fuels is abysmally low 0.37:1 according to Bloomberg NEF.  

Just last week, an exclusive from Global News revealed that RBC takes 1,500 of its employees and executives from around the world on an annual, week-long, all-expense paid Caribbean luxury cruise amidst an affordability crisis. 

RBC is set to hold its annual shareholder meeting in Toronto, Ontario on April 11, 2024, with its proxy circular expected in early March. 

The New York City Comptroller, on behalf of several NYC pension funds, recently filed high-profile and novel shareholder resolutions with six North American banks. The resolution calls for a report on the banks’ financing of clean vs dirty energy. RBC is the sole Canadian bank in receipt of this resolution. 

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