Report shows RBC the world’s biggest fossil fuel financier
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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.
