Why does this research show up RBC?
New research by Bloomberg is showing that RBC is spending more than double on fossil fuels, than it is on clean energy, this is the joint worst ratio of any bank in the world.
RBC, whilst talking up its green credentials, is ploughing BILLIONS of dollars into the fossil fuel industry. They’re the biggest funder of fossil fuels in Canada, and the 5th biggest in the world.
Bloomberg’s research compares the amount of money banks are lending to fossil fuels vs clean energy. And the results aren’t good for RBC. RBC has the joint worst ratio of any bank in the world. That means it’s spending the most of any bank on fossil fuels in comparison to its clean energy funding. It’s so bad that Mark Ruffalo is stepping in:
With all Dave McKay’s talk about #ClimateChange and @RBC’s commitments to #NetZero, this graph from Bloomberg shows his greatest commitment may sadly be to #greenwashing. #rethinkRBChttps://t.co/zveDfLcFcw pic.twitter.com/g23dtooS0d
— Mark Ruffalo (@MarkRuffalo) March 1, 2023
RBC don’t just love funding fossil fuels. They also love funding violations of indigenous rights. RBC is a major funder of Coastal GasLink. It’s a massive gas pipeline that tramples on sacred, protected lands of the Wet’suwet’en people. Indigenous land defenders are defending their territory, but they’re being forcibly removed. It’s why there’s such massive kickback against RBC happening.
It gets worse
RBC’s continued funding of climate destruction is upsetting a bunch of RBC’s shareholders and it’s now facing a shareholder resolution:
Shareholders are upset that RBC is funding oil and gas companies and calling it “sustainable”. The resolution was prompted after RBC joined in a $1.1 billion sustainability-linked bond (SLB) issued by the oil and gas pipeline company, Enbridge. It gets more complicated (see here), but the point is, RBC is facing backlash for years of greenwashing.
RBC will continue to face public, media and shareholder pressure until it stops investing in fossil fuels.