RBC will finance climate destruction for as long as it can make money doing so.

WHAT MAKES RBC CANADAโ€™S MOST DANGEROUS BANK?


1

RBC is Canadaโ€™s biggest financier of fossil fuel projects

RBC is Canadaโ€™s biggest bank and a global heavyweight in financing climate catastrophe, as the worldโ€™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).


Source :
Price of Oil.org - Banking on Climate Change
[ http://priceofoil.org/content/uploads/2019/03/BOCC_2019_SUMMARY_vUS-1F.pdf ]

2

The numbers

This chart shows how dirty Canadaโ€™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)

Source:
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

3

RBC has no plans to change its practices

RBC is on Banking on Climate Changeโ€™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.

4

RBC knows there is a climate emergency and wonโ€™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 letโ€™s send the message to RBC using language that it clearly understands. Letโ€™s pull our money from RBC. We can make our money talk, too.

5

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:


now

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.

by 2025

Phase out all existing investments in fossil fuel companies.


1.
Letter to Andrew Chisholm

Board of Directors, Royal Bank of Canada
March 8, 2020

200308-XRQC-Request_for_divestment-mail.pdf

2.
Answer from Josรฉphine Ching

Office of the Ombudsman, RBC
March 11, 2020

200311-RBC-Reply_from_ombudsman.pdf

3.
Letter to David McKay

President and Chief Executive Officer
Royal Bank of Canada
July 14, 2020

200714-XRQC-Letter_to_CEO.pdf

4.
Answer from Jacqueline Mulenga

Client Care Specialiste
RBC Client Care Centre
August 4, 2020

200804-RBC-Reply_from_ClientCare.pdf

5.
Letter to Jacqueline Mulenga

Client Care Specialist
RBC Client Care Centre
September 1, 2020

200901-XRQC-letter_to ClientCare.pdf

6.
To Be Continued...



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