A report from a coalition of environmental teams reveals that Royal Financial institution of Canada was the most important fossil gas financier on the planet final 12 months after offering over US$42 billion in funding.
The annual Banking on Local weather Chaos report reveals the financial institution’s funding between 2016 and 2021 put it because the fifth-largest fossil gas funder however 2022 was the primary 12 months it offered probably the most cash.
In accordance with the information, Scotiabank ranked ninth globally final 12 months with US$29.5 billion in funding and TD was simply behind it at about US$29 billion, whereas Financial institution of Montreal ranked fifteenth and CIBC sixteenth at US$19.3 billion and US$17.9 billion respectively.
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At RBC’s annual shareholder assembly final week, chief govt Dave McKay emphasised the significance of power safety and an orderly transition away from fossil gas funding as he defended the financial institution’s funding and local weather report.
Environmental advocates have been pushing banks to section out fossil gas funding as a technique to make it tougher to construct new oil and fuel initiatives and to speed up the transition to internet zero emissions.
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Greenpeace Canada senior power strategist Keith Stewart stated in an announcement that RBC turning into the world’s largest fossil gas funder reveals bankers can’t be trusted to do the correct factor on local weather change, so that they should be regulated to take action.
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