Royal Bank of Canada: Surging Finance of Fires, Floods & Climate Chaos
This report provides an urgent and up-to-date reckoning of the Royal Bank of Canada’s (RBC)’s fossil fuel financing, with a focus on the loans, underwriting and investments it has provided the largest fossil fuel expansionist companies from 2016 to September 30, 2022 (the end of Q3). This report also provides a comparison of fossil financing before and after RBC joined the Net Zero Banking Alliance (NZBA), a sub alliance of the Glasgow Financial Alliance for Net-Zero (GFANZ).
This report reveals RBC:
- Provided more than $9.2 billion of financing and underwriting to top fossil fuel expansionists like Enbridge, ExxonMobil, Chevron, TC Energy and Saudi Aramco, since joining Glasgow Finance Alliance for NetZero (GFANZ);
- Loaned $1.944 billion to the Trans Mountain Pipeline Expansion Project;
- Currently holds over $16 billion of extreme fossil fuel companies on behalf of its clients, a $1.1 billion investment bump in these companies;
- This includes $6.1 billion in tar sands activity exposure, $5.4 billion in shale, $232 million in LNG, and $1.6 billion coal-exposed companies.
- RBC’s financing of extreme fossil fuels may exceed $10 billion in 2022, at its current rate, surpassing 2021 levels
- This includes $3.4 billion of financing to shale or fracking companies, $2.7 billion to tar sands companies, $1.4 billion to coal power companies and $1.3 billion with LNG companies so far in 2022.
Tell RBC to clean up its act and start taking climate change seriously
RBC is one of the top fossil fuel funders in the world and Canada’s biggest. It’s pouring billions of dollars into fossil fuel projects that threaten our future and violate Indigenous rights. Tell RBC that the time for real action is now.Take Action