RBC will finance climate destruction for as long as it can make money doing so.
WHAT MAKES RBC CANADA’S MOST DANGEROUS BANK?
RBC is Canada’s biggest financier of fossil fuel projects
RBC is Canada’s biggest bank and a global heavyweight in financing climate catastrophe, as the world’s fifth biggest bank for fossil fuel financing. As for tar sands, no bank on earth provided more tar sands financing than RBC in 2019 (Banking on Climate Change, 2020).
Price of Oil.org - Banking on Climate Change
[ http://priceofoil.org/content/uploads/2019/03/BOCC_2019_SUMMARY_vUS-1F.pdf ]
This chart shows how dirty Canada’s big five banks are through their fossil fuel investments, with RBC leading the pack at over 140 billion in fossil financing in the last four years. Dirty hands, dirty money.
Fossil fuel financing by Canada's "big five" banks, 2016-2020 (world ranking noted in brackets)
Rainforest Action Network et al. (2020).
Banking on Climate Change: Fossil Fuel Finance Report 2020, pp. 7-8.
Retrieved from: Banking on Fossil Fuels 2020
RBC has no plans to change its practices
RBC is on Banking on Climate Change’s 2019 Hall of Shame for the Worst Banks Since the Paris Agreement. As big financial institutions around the world change their lending practices to phase out fossils, it looks like RBC plans to extract every penny it can from fossil fuels for as long as it can. RBC has no commitment to divest from fossil fuel projects, and no restrictions on investing in fossil fuels.
RBC knows there is a climate emergency and won’t change course unless we demand it
The social licence to finance climate catastrophe has expired. We need to let RBC know that we are not okay with them continuing to finance the fossil economy. It is our money that is being used to generate profits at the expense of a liveable future. So let’s send the message to RBC using language that it clearly understands. Let’s pull our money from RBC. We can make our money talk, too.
We sent a letter to the CEO to outline our concerns
Based on the response we received, RBC has no intention of either cleaning up its act or agreeing to our 3 demands:
Immediately stop all new investments in the fossil fuel industry.
end of 2020
Withdraw from Coastal Gas Link and all projects violating the rights of Indigenous communities.
Phase out all existing investments in fossil fuel companies.
GET IN TOUCH!