A report from a coalition of environmental groups shows that Royal Bank of Canada was the biggest fossil fuel financier in the world last year after providing over US$42 billion in funding.
The annual Banking on Climate Chaos report shows the bank's funding between 2016 and 2021 put it as the fifth-largest fossil fuel funder but 2022 was the first year it provided the most money.According to the data, Scotiabank ranked ninth globally last year with US$29.5 billion in funding and TD was just behind it at about US$29 billion, while Bank of Montreal ranked 15th and CIBC 16th at US$19.3 billion and US$17.9 billion respectively.
At RBC's annual shareholder meeting last week, chief executive Dave McKay emphasized the importance of energy security and an orderly transition away from fossil fuel funding as he defended the bank's funding and climate record. Environmental advocates have been pushing banks to phase out fossil fuel funding as a way to make it harder to build new oil and gas projects and to accelerate the transition to net zero emissions.
Greenpeace Canada senior energy strategist Keith Stewart said in a statement that RBC becoming the world's largest fossil fuel funder shows bankers can't be trusted to do the right thing on climate change, so they need to be regulated to do so.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
RBC poll shows mix of optimism and uncertainty about Canada's housing market - BNN BloombergCanadians are more optimistic about the housing market in 2023, according to new poll from RBC, but many are unsure about whether it‘s the right time to make a purchase.
Read more »
Instability in housing market leaving Canadians with mixed feelings: RBC pollWhile a drop in home prices is making some Canadians feel optimistic, others are still feeling uncertain as they rearrange their home-buying plans, according to a new RBC poll.
Read more »
Baytex Energy shares climb following RBC upgrade to 'outperform'The Canadian producer says Ranger's assets will provide about 12 to 15 years of inventory, and lower its breakeven price versus West Texas Intermediate.
Read more »
Canada set to experience shortage of farmers, RBC report saysThe Canadian agriculture industry is headed for a shortfall of operators and labourers, and those left are getting older, according to a report published by RBC.
Read more »
Masters champ Jon Rahm ready to keep going at RBC Heritage | TSNJon Rahm wll honour his commitment — and will try to become just the second player ever to follow a win at Augusta National with one at Harbour Town Golf Links.
Read more »
RBC was biggest fossil fuel funder in the world in 2022 at US$42-billion, report saysScotiabank ranked ninth globally last year with US$29.5-billion in funding and TD was just behind it at about US$29-billion, while BMO ranked 15th and CIBC 16th at US$19.3-billion and US$17.9-billion respectively
Read more »