Commercial, Energy Efficiency, GHG Emissions - March 6, 2023
Royal Bank of Canada Progresses on Providing Sustainable Finance
Royal Bank of Canada made progress on its sustainable finance commitment and provided $84.8 billion in sustainable finance in 2022.
The bank’s sustainable finance commitment is a cumulative total of $282 billion since 2019, which is part of its commitment to provide $500 billion in sustainable finance by 2025 to support its clients' ESG objectives.
RBC also released its Sustainable Finance Framework, which defines its approach and methodology for classifying, tracking and disclosing our performance towards this commitment.
In 2022, the bank disclosed initial 2030 interim emissions reduction targets for lending in three key sectors: oil and gas, power generation and automotive – a key milestone in achieving net zero in the lending portfolio by 2050.
RBC signed a second long-term renewable energy PPA, advancing its goals to reduce GHG emissions from its global operations by 70% (relative to our 2018 baseline) and to source 100% of its electricity from renewable and non-emitting sources, both by 2025.
"To tackle some of the greatest challenges our society faces, businesses, governments and individuals must work together with greater focus and more ambition. At RBC, we're proud to play our part as we demonstrate and measure our progress to hold ourselves accountable. These reports and disclosures reflect our ambition to help build a more inclusive and sustainable future for our clients and communities," said Dave McKay, President and Chief Executive Officer, Royal Bank of Canada in a statement.
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