RBC scraps sustainable finance commitment
TORONTO – RBC says it is scrapping its sustainable finance commitment and holding back on other climate disclosures in part because of regulatory changes.
The bank says in its latest sustainability report that, following an evolution in industry practices, it has concluded that its methodology 'may not have appropriately measured' some of its sustainable finance activities.
It says its conclusion, as well as amendments to Canada's Competition Act that set expectations around environmental claims, led to it 'retiring' its commitment to facilitate $500 billion of sustainable finance by this year.
The bank says it also will not be publicly disclosing its findings of how its high-carbon energy financing compares with its financing of low-carbon energy, something it committed to following shareholder pressure, nor how it's making progress on its commitment to provide $35 billion to low-carbon energy by 2030.
RBC chief executive Dave McKay says in the report that he's proud of the bank's work to measure and monitor its progress, while refining its approach in a shifting external policy, legal and regulatory environment.
Stand.earth climate finance director Richard Brooks says the scrubbing of data is a disappointing and concerning step backwards by Canada's biggest bank.
He says in an email that the apparent backsliding by one of the world's largest fossil fuel funders shows voluntary measures aren't working and Prime Minister Mark Carney should accelerate regulatory efforts.
RBC says in its report that it remains committed to sustainable finance, and to reporting on its climate activities in a clear and transparent manner in compliance with applicable laws.
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This report by The Canadian Press was first published April 29, 2025.
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