Indigenous Leaders and Climate Advocates Confront RBC Over Risky Fossil Fuel Investments

Tkaronto (colonially called Toronto) — As U.S. President Donald Trump’s unprecedented tariffs and the response from Canada’s political class drives a push to advance fossil fuel projects and pipelines, a delegation of Indigenous leaders from British Columbia and national climate organizations attended RBC’s Annual General Meeting in Toronto this morning. They warned executives of the risks involved in financing new projects that, according to the latest research on LNG demand, may be unprofitable before they are even built. 

Delegates also highlight in particular proposals, like LNG Canada Phase 2, Coastal GasLink Phase 2, Prince Rupert Gas Transmission pipeline (PRGT), and Ksi Lisims. These projects present clear economic, climate, and reputational risks which are not consistent with RBC’s own Environmental, Social and Governance (ESG) policies. This comes weeks after Canada’s big banks, including RBC and BMO, exited the global Net Zero Banking Alliance (NZBA).

This is the fourth year a delegation has attended the RBC AGM, as RBC continues to be Canada’s top fossil fuel financing bank. 

QUOTE SHEET

Wet’suwet’en Hereditary Chief Na’Moks:

“Our continued presence at RBC’s Annual General Meeting reminds the banks leadership of the impacts of its decision to fund projects that lack our free, prior and informed consent and warns them that projects like LNG Canada Phase 2 lack our consent. RBC risks its own credibility and financial stability by continuing on this reckless path of being Canada’s top fossil fuel funding bank.”

Sleydo’, wing chief for Cas Yikh and spokesperson for Gidimt’en Checkpoint:

“Indigenous nations in the north and across turtle island are standing together to hold investors accountable for financing projects that threaten climate and violate Indigenous rights. This movement is only growing and won’t stop until RBC and other major investors understand and respect Free, Prior and Informed consent.” 

Hooxi’i, Kolin Sutherland Wilson, Gitxsan Wilp Tsi’basaa, Lax’yip Firekeeper, Chief Councillor, Kispiox Band:

“Indigenous communities have long fought for their right to free, prior, and informed consent, while major financial institutions, like RBC, continue to fund projects blatantly disregarding this fundamental principle. These banks are not merely passive players in the financing of harmful initiatives; they are active enablers of environmental destruction and social conflict. Their investments in fossil fuel development are accelerating harm to communities around the world, creating devastating impacts to our environment and social welfare that will only intensify.”

Gwii Lok’im Gibuu, Jesse Stoeppler, Gitxsan Wilp Spookwx, Co-Executive Director for Skeena Watershed Conservation Coalition, Deputy Chief for Hagwilget First Nation:

“The projects RBC fund often tout the financial benefits Canadians have access to when construction begins and fossil fuels flow freely. But what’s hidden beneath the surface is the ugly truth that Canadians are on the hook for a $40 billion bill while banks like RBC get all of their investments back. RBC is found on campuses trying to build their brand, offer scholarships, and open branches in attempts to portray themselves as champions of the youth and students. But in reality, RBC is building a bad reputation. They are financing billions of dollars in fossil fuel expansion, violating Indigenous rights, contributing to climate disaster, and attempting to buy young peoples support across Canada. We are here to remind executives and CEOs that we, and many people across Turtle Island, see through their flashy campaigns and attempts at greenwashing. On behalf of shareholders (or proxies) we do not consent to the projects big banks are financing.”

Grand Chief Stewart Phillip, UBCIC President:

“The Union of BC Indian Chiefs is proud to support the delegation traveling to Tkaronto to defend our right to Free, Prior, and Informed Consent against major financial corporations such as RBC. In the face of U.S. tariffs, governments should not rush to expedite projects that impact First Nations on the ground. Big banks should be supporting First Nations communities, not investing in projects that we are fundamentally opposed to. Now more than ever, we must work collectively to advance our shared goals. I give my full support to the delegates defending their title and rights.”

Willo Prince, Indigenous Climate Action:

“Indigenous Climate Action is on the ground in Tkaronto alongside the Indigenous delegation again this year to call out RBC and to uplift Indigenous rights-based divestment strategies that uphold the free, prior, and informed consent of our nations. With the growing support of a global movement, we will continue to put pressure on RBC to divest from projects that directly fuel the climate crisis, and work to remove our lands and territories from the sacrifice zones of industry.” 

Richard Brooks, Climate Finance Director Stand.earth:

“On the heels of the hottest year on record amidst deadly fires and floods, it’s egregious that the RBC continues to finance billions for fossil fuels. RBC has the worst  energy financing ratios amongst the world’s top 100 energy financiers, putting only 47 cents into climate energy solutions for every dollar they dump into oil, gas and coal. This includes dangerous new LNG projects in BC. That’s not leadership.”

Gabrielle Willms, Organizer with For Our Kids:

“As the climate and affordability crises worsen, families across Canada are sick of big banks like RBC doubling down on fossil fuel financing —  risking a safe, green future for our kids and violating Indigenous sovereignty — all while fossil fuel companies rake in record profits with no accountability. Canadian families demand that RBC stay away from destructive, unethical investments in LNG, respect free, prior and informed consent, and start investing in real clean energy solutions now.”

Celine Isimbi, African Youth Climate organizer with Change Course:

“While the cost of living continues to rise for average Canadians, most impacting workers, students and low-income families, big banks like RBC have backtracked even further on their already weak climate commitments while raking in record profits for their CEOs and executives. All while feeding into the false promises of LNG that infringe on Indigenous rights and push us further into worsening climate and environmental disaster. United in solidarity with frontline land defenders, students and workers are here to stand against corporate greed and let the RBC CEO, executives and shareholders know that LNG does not have consent and if they do not want to ruin their reputation amongst students and youth, they will commit to not finance these projects and respect the Free, Prior and Informed consent of Indigenous nations.”

Adaeze Mbalaja, Ontario Chairperson for the Canadian Federation of Students-Ontario:

“Education continues to be underfunded while big banks like RBC profit off of student loans. It’s no secret that these same banks prioritize profits and funding genocide, land theft and the climate crisis. Students in Ontario demand that banks put people over profit and immediately divest from fossil fuel companies and projects that violate Indigenous rights.”

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