A report from a coalition of environmental teams exhibits that Royal Bank of Canada was the most important fossil gasoline financier on the planet final yr after offering over US$42 billion in funding.
The annual Banking on Climate Chaos report exhibits the financial institution’s funding between 2016 and 2021 put it because the fifth-largest fossil gasoline funder however 2022 was the primary yr it supplied essentially the most cash.
According to the information, Scotiabank ranked ninth globally final yr with US$29.5 billion in funding and TD was simply behind it at about US$29 billion, whereas Bank of Montreal ranked fifteenth and CIBC sixteenth at US$19.3 billion and US$17.9 billion respectively.
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Canadian banks financing fossil gasoline business at bigger fee than different nations: research
At RBC’s annual shareholder assembly final week, chief government Dave McKay emphasised the significance of vitality safety and an orderly transition away from fossil gasoline funding as he defended the financial institution’s funding and local weather document.
Environmental advocates have been pushing banks to section out fossil gasoline funding as a option to make it more durable to construct new oil and fuel tasks and to speed up the transition to web zero emissions.
Greenpeace Canada senior vitality strategist Keith Stewart stated in an announcement that RBC changing into the world’s largest fossil gasoline funder exhibits bankers can’t be trusted to do the fitting factor on local weather change, so that they have to be regulated to take action.
