RBC’s top executive says he and his fellow CEOs need to show more leadership on climate change and while the federal government has set ambitious targets on reducing greenhouse gas emissions, it needs to commit a lot more money to make real progress.
RBC’s top executive Dave McKay says he and his fellow CEOs need to show more leadership on climate change and while the federal government has set ambitious targets on reducing greenhouse gas emissions, it needs to commit a lot more money to make real progress.
“Our government has stated a bold ambition for our targets and our reduction efforts. They’re starting to make funding available, but it’s insufficient right now to really get the job done,” he said. McKay, who spoke with the Star’s editorial board about the bank’s climate policies on Tuesday, said that’s not nearly enough. He repeatedly referenced the U.S.’s recent Inflation Reduction Act, which includes $369 billion to tackle climate change.
RBC has estimated the transition to a net-zero emissions economy in this country will cost about $2-trillion over the next 30 years. With that in mind, McKay said, “then we need infrastructure funds that are in the $150-billion range, not $15 billion.”