— Right now, RBC staff are speaking out confidentially on RBC’s fossil fuel funding. Find out more and add your voice here: https://bankonourfuture.org/confidential-rbc —
What does the research show?
The 2023 Banking on Climate Chaos report is just out. It ranks the biggest global banks on the amount of fossil fuels they’re funding around the world. For the first time, RBC is the #1 fossil fuel funding bank in the entire world with a staggering $42 BILLION to the fossil fuel industry in 2022 alone.
That money flows freely into the hands of fossil fuel companies ignoring the science and increasing their fossil fuel extraction. The evidence is showing that despite all of RBC’s green promises, it’s not as green as it says it is, particularly when it comes to indigenous rights. RBC keeps claiming to be listening to indigenous rights, but they’re ploughing cash into Coastal Gas Link, which is being contested by the Wetʼsuwetʼen First Nation. RBC even went as far as segregating them into a separate room at the recent AGM.
I knew RBC was funding fossil fuels. But the most in the world?! That just seems crazy. And the AGM didn’t exactly fill me with pride – RBC employee, 8 years
Where’s the coverage?
The report is being covered by global news right now, and RBC takes centre stage in the headlines. Here are a few links to check out:
- Royal Bank of Canada becomes top financier for fossil fuel industry – Financial Times
- RBC Becomes World’s Biggest Fossil-Fuel Bank, Topping JPMorgan – Bloomberg
How is fossil fuel funding affecting RBC?
RBC’s fossil fuel addiction is creating massive kickback from campaigners, investors and the wider public:
- HERE’s RBC’s AGM that was a PR disaster with segregation of Indigenous and Black voices, plus tonnes of bad press.
- HERE’s research earlier this year showing that of all the money RBC is joint worst in the world for funding green energy (when compared to its dirty energy funding)
- HERE’s RBC being exposed for funding a massive coal mine with apparent “sustainable funding”
- HERE’s the exposé that RBC is actually increasing its fossil fuel funding
- HERE’s a massive pension fund challenging RBC on its brutal fossil fuel funding
The task is clear. RBC must stop bankrolling climate destruction now.
— Right now, RBC staff are speaking out confidentially on RBC’s fossil fuel funding. Find out more and add your voice here: https://bankonourfuture.org/confidential-rbc —