Today our partner Stand released new data that shows RBC’s funding of fossil fuels has increased since it joined the UN climate finance network a year ago.

Today, ahead of COP27, released a wealth of new data revealing the Royal Bank of Canada’s ongoing climate hypocrisy and greenwashing: financing fossil fuel companies to the tune of more than $9.2 billion USD since joining the Glasgow Financial Alliance for Net-Zero (GFANZ) last October, and over $7 billion in the first three quarters of 2022.

Additionally, the bank has been found to invest more than $16 billion in extreme fossil fuels such as tar sands, fracked gas and coal on behalf of its clients.

Increasing fossil fuel investments while already under review for false advertising around its climate policies is a good look for a bank that professes to be a leader on climate.

Read the full release on the Stand website.