RBC’s pumping $ to clear cut Amazonia

May 24, 2023
Have you heard that the Royal Bank of Canada (RBC) funneled USD $42 BILLION into fossil fuels in 2022? That vast amount has it comfortably sliding into the #1 spot as a financier of fossil fuel projects destroying forests, waters, and communities.
Drone view of the Amazon rainforest with an oil drilling station in the middle

RBC’s corporate colonialism extends beyond Canada – financing projects as far away as the rainforest of Amazonia. It is a critical time for Amazonia, as the rainforest is facing a tipping point due to extractive activities like deforestation, oil and gas project expansion, agriculture, and mining. But despite the urgency of protecting at least 80% of the rainforest in order to prevent permanent destruction, RBC provided over $105 million in financing to oil and gas companies in the region.

It’s never been easier to connect the dots between corporate and colonial greed that drives institutions like RBC. Frontline communities in Amazonia, just like the Wet’suwet’en people here in Turtle Island, have been putting their bodies and lives at risk to protect their territories as destructive companies attempt to clear cut forests, bring in heavy and noisy equipment to drill into ancestral lands, and build on the legacy of environmental disasters of fossil fuels.

When we follow the money, we can see the key players funding the destruction of sacred biomes like Amazonia. With this insight, we can use our collective power to push against corporate colonialism and end the era of fossil fuel energy once and for all.

RBC and Canadian banks are establishing themselves as lenders of last resort, putting us all on the hook for oil and gas company profits while frontline communities suffer.

To put it plainly, RBC doubled down on corporate colonialism in 2022.

Will you sign the petition demanding that RBC divest from fossil fuels and stop violating Indigenous rights?

Fighting back against Big Oil and the big banks financing them can seem like a daunting task. We know this fight won’t be easy, but by working in partnership with Indigenous and frontline communities, we can win. When the people stand together, extraordinary things happen.