Competition Bureau opens investigation into RBC over climate claims

Canada’s largest bank has been accused of making misleading claims about taking action on climate change. Read on

A group of six individuals backed by environmental groups including Ecojustice and Stand.earth accused Canada’s largest bank of “greenwashing” by making bold claims about taking action on climate change while funding projects such as the Coastal GasLink natural gas pipeline in British Columbia.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails.

He said the bank has been engaging with clients, partners and other stakeholders and “working towards solutions to help Canada meet its net-zero commitments.” The largest lenders have reduced their exposure to oil and gas as a percentage of their loan books since 2015 — from two per cent to 0.8 per cent by the second quarter of this year, according to tracking by Canadian Imperial Bank of Commerce. And that decline wasn’t solely pegged to a shifting mix in loans. The actual total loan size also declined from an average of just shy of $8 billion to a shade over $5 billion.

Richard Brooks, climate finance director at Stand.earth, said RBC’s decision to continue to bankroll fossil fuel projects such as Coastal GasLink while publicly professing to be a climate leader “is disingenuous greenwashing at best, and unlawful at worst.”Article content

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