We can’t stop climate chaos if banks like RBC don’t stop funding fossil fuels
RBC is a global banking giant, and Canada’s largest company. It serves 17 million customers, commits to “creating a positive social impact,” and promises a bright future for youth and local communities.
RBC says all the right things.
But its climate and human rights practices are dead wrong.
In public, RBC says climate change is a critical issue.
"Climate change is one of the most pressing issues of our times."
— Dave McKay, RBC CEO, 2021
In private, RBC continues to pour billions into oil, gas, and coal, making climate chaos worse.
RBC pumped more than
C$338 Billion into fossil fuels
making them one of the top fossil fuel financers on earth.
RBC still funds coal
C$14 Billion in new coal funding
The world’s 12th biggest funder of coal.
RBC increased funding
$$4.8B IN TAR SANDS FINANCING IN 2022
to the world's dirtiest energy project, while other banks retreated.
RBC is greenwashing. As we face global catastrophe, Canada’s biggest fossil bank pours billions into the very companies driving climate change and violating Indigenous rights. And it only gets worse.
RBC talks about human rights.
In 2011, RBC pledged that its oil and gas clients have “policies and processes consistent with the standard of free, prior and informed consent” with First Nations.
RBC’s actions break these promises. The bank continues to finance projects that face significant First Nations opposition:
Coastal GasLink
The 420-mile pipeline threatens Wet’suwet’en land and disregards Indigenous sovereignty. Five Wet’suwet’en clans have NOT provided free, prior, and informed consent to Coastal GasLink.The pipeline will also transport FRACKED gas, increasing emissions, risking contaminated community drinking water, and endangering human health.
Trans Mountain Pipeline
The Trans Mountain Expansion Project (TMX) aims to construct a new tar sands pipeline across British Columbia, tripling the amount of diluted bitumen flowing from Alberta. It has been strongly opposed – in the courts and in the streets – by affected Indigenous communities.As construction costs skyrocketed, RBC (alongside five other Canadian banks) gave the crown corporation building it a $10 billion line of credit in 2022. The banks are now contemplating an additional multi-billion dollar loan as estimated costs increased again from $22.4 billion to $30.9 billion.
Ignoring Indigenous rights is not reconciliation.
RBC needs to honour its commitments to Free, Prior, and Informed Consent from Indigenous peoples in all the projects it finances.
RBC says it is a leader on climate change.
“RBC supports the principles of the Paris Agreement and the international goal to hold global warming to below 2 degrees Celsius.”
But its unwavering support of fossil fuel expansion will make our climate goals unreachable.
RBC was in 2023 the world's
BIGGEST FUNDER OF FOSSIL FUELS
leading all global banks.
RBC's recent climate announcements
DON'T MENTION FOSSIL FUELS
growing clean energy finance without stopping dirty doesn't help us reach net zero.
The UN says we must cut carbon pollution in half by 2030 to “avert irreversible catastrophe,” but fossil fuel companies plan to keep digging and burning. RBC’s short-sighted greed is wrecking our future.
RBC continues to earn record profits, even during a cost of living crisis. The bank makes climate change worse and violates Indigenous rights.
#1
Stop funding fossil fuel expansion — now
A safe climate can’t afford any new fossil fuel infrastructure or projects.
#2
Respect Indigenous rights
Withdraw financing for projects that do not have free, prior, and informed consent (FPIC).
#3
Phase out all fossil fuel funding
End coal financing NOW, then cut financed emissions in half by 2030, and hit zero by 2040.
