Stand.earth on UN High-Level Expert Group (HLEG) issuing new Net-Zero criteria at COP27
November 8, 2022
Territories of Indigenous peoples including Ho-de-no-sau-nee-ga (Haudenosaunee), Anishinabewaki ᐊᓂᔑᓈᐯᐗᑭ, Mississaugas of the Credit First Nation, Mississauga, Wendake-Nionwentsïo, so-called Toronto, Ontario, Canada – At COP27 today in Sharm el-Sheikh, Egypt, Catherine McKenna of the High-Level Expert Group (HLEG) on the Net-Zero Emissions Commitments of Non-State Entities released a new standard to turn net-zero commitments from financial institutions into meaningful climate action.
This is particularly relevant to the Royal Bank of Canada (RBC) following a recent report revealing RBC increased fossil financing in the last year to the tune of $9.2 billion. RBC is currently under investigation by Canada’s Competition Bureau, a federal government watchdog, for alleged greenwashing of misleading advertising on its climate claims.
On this latest announcement, Sarah Beuhler, Stand.earth Senior Climate Finance Strategist, issued the following statement:
“This new standard for net-zero commitments is necessary, especially since banks like RBC actually increased fossil fuel financing this year despite net-zero rhetoric. A year after RBC joined the Net-Zero Banking Alliance, new data reveals the bank is trying to have its cake and eat it too – presenting itself as a climate leader, while surging fossil fuel finance and dragging Canada backwards on its climate goals.
“RBC is more interested in greenwashing its financing of fossil fuel companies than changing its business practices. If RBC fails to adjust, governments must crack down on greenwashing and regulate banks to phase down financing of coal, oil and gas and speed up investment in climate solutions that are good for our communities.”