files no fossil fuel expansion financing shareholder resolution at Royal Bank of Canada

March 1, 2023

Today, is announcing the filing of a climate related resolution with Canada’s largest bank, the Royal Bank of Canada (RBC) to end financing for fossil fuel expansion. The bank is expected to release its proxy circulars this week ahead of its April 5 annual general meeting (AGM) in Saskatoon.

RBC is Canada’s worst fossil fuel bank, and the 5th worst offender in the world, including financing Indigenous sovereignty-violating projects like the Coastal GasLink fracked gas pipeline without consent from Wet’suwet’en Hereditary leadership. 

Despite net-zero commitments and public climate rhetoric, RBC has financed over CAD $262 billion in fossil fuel companies since the Paris Climate Agreement was signed in 2016, and continues to finance the expansion of fossil fuel projects. 

Richard Brooks, Climate Finance Director, issued the following statement:

“Right now, people across Canada and North America are paying the costs of RBC’s misguided fossil fuel financing through devastating fires and floods. Instead of greenwashing and redwashing, RBC has the opportunity to step into real leadership and end fossil fuel expansion financing at its April 5 shareholder meeting. Science and justice make it clear: for any shot at curbing the worst of climate destruction, there can be no new fossil fuel projects. We are calling on all shareholders – from retail investors to big pension funds – to support this resolution, and direct RBC to align its financing with its rhetoric of honoring Indigenous sovereignty and acting on the climate crisis.”

Last month, the New York City Comptroller, who manages the USD $242.38 billion NYC pension funds, announced the filing of a resolution at RBC calling on the bank to set 2030 absolute emissions reduction targets for oil,gas and utility clients. The latest reports from the International Energy Agency (IEA) affirm that new fossil fuel projects and financing is “incompatible” with the 1.5 degree goal set out in the Paris agreement. 

Ahead of AGMs, Stop the Money Pipeline, a coalition of over 200 organizations, is launching a Shareholder Showdown campaign to encourage investors to vote yes on the resolutions and against incompetent directors.