Note: RBC staff are speaking out about the billions of dollars RBC is continuing to lending to fossil fuel companies. If you want to speak out too, take this short survey, or email [email protected]. It’s 100% confidential.
The Royal Bank of Canada (RBC) keeps claiming to be green and ethical, whilst lending billions of dollars to fossil fuel companies, and bankrolling pipeline drilling on Indigenous land. That’s why hundreds of activists and land defenders are unleashing an onslaught of actions, news headlines and reports exposing RBC to be a liar and climate destroyer.
It’s impossible to summarise the dozens of actions against RBC happening every day. So here are some of the most powerful, from (just!) the last two weeks:
RBC’s fossil fuel own goal:
RBC is already the 5th biggest fossil fuel funding bank in the world. And a new report from Stand is showing that they’re funding MORE fossil fuels this year than they did last year. They surely can’t still consider themselves a “climate leader”?!
Since 2016, RBC has funded over $200 BILLION worth of fossil fuels. It’s the biggest fossil fuel funding bank outside the US in the world. That’s why it recently promised to reduce financed emissions by between 11 and 54 per cent by 2030. New research shows that this is a complete lie. They’ve already broken their commitment, just a few weeks after making it. And they’re signing a flurry of deals with fossil fuel companies expanding their production.
RBC are lying so that they can keep destroying lives, rights and the climate, to chase a sweet dollar.
RBC are drilling on Indigenous land, and facing an uprising
RBC are funding Coastal Gas Link, a gigantic fossil fuel pipeline running straight through sacred land of the Wetʼsuwetʼen people. It’s trampling in Indigenous rights, human rights, and the climate. To make it worse, RBC don’t have consent to drill on sacred land, but they’re doing it anyway.
But there is a huge, growing, and powerful resistance. Dozens of actions across the country are calling to on RBC to Kill the Drill:
Dave McKay gets an award, but not the one he expected
Dave McKay is RBC’s CEO. He came out in a national paper and complained that RBC was being unfairly targeted on social media. Then he attempted to shift the responsibility for climate action to government and other Canadian CEOs. He ignored the billions he’s choosing to increase to fossil fuels (see above). Or the fact that RBC are the worst fossil fuel funder in Canada.
So to award Dave’s commitment to BS, students crashed his award ceremony at Ivey Business School to really congratulate him on being “Canada’s Villain of the Year”. And of course, they did it with a gigantic inflatable head. Because for an achievement like this, Dave deserves a song and dance.
— Ricochet Media (@ricochet_en) October 30, 2022
RBC have a problem the size of Ottowa
High-ranking members of the government know that RBC is not getting anywhere close to its net zero by 2050 promise. And now, they’re calling out RBC. They’re saying that RBC will be held to their net-zero commitments, and they’re willing to use the law to make sure it happens.
This is a huge step up in the pressure on RBC because it’s showing that RBC could face serious legal backlash for the billions it’s lending to fossil fuel companies. Make no mistake, this will make RBC bosses sit up and pay attention.
Oh one more thing, RBC are under investigation 😘
That’s right. RBC are also being called out for their BS by the Canadian ads regulator, who have announced that they’re looking into allegations of greenwashing by RBC. The regulators are working out if RBC is lying when it claims to be a climate leader. Spoiler alert, it is. Climate leaders typically aren’t the 5th biggest fossil fuel funders in the world. Duh.
.@RBC is officially under investigation for alleged #greenwashing: related to the bank’s climate commitments while continuing to bankroll fossil fuels like @CoastalGasLink through @Gidimten territory. https://t.co/GOK6YwCUZ2
— Mark Ruffalo (@MarkRuffalo) October 25, 2022
This headache for RBC is only going to get stronger and stronger as the movement grows. It won’t go away until RBC gets its house in order and stops funding Coastal Gas Link, and fossil fuel around the world.