RBC

CEF Lead Executives

Latest Sustainability Reporting

Highlights



  • Reduced global operational emissions 63% in 2024 (2018 baseline).
  • In 2024, reduced absolute financed emissions from oil and gas by 1% from 2023.
  • Increased lending to pure play low-carbon entities to $12.5 billion, up 33% over 2023.
  • Allocated $22 million in climate investments to support the development and scaling of climate solutions, for a cumulative investment of $167 million since 2022.
  • Committed to provide $7 billion in financing for the construction, retrofitting, and renovation of affordable and sustainable housing in Canada over five years.
  • Established a strategy to provide advice for the construction and acquisition of new green buildings and the retrofitting of existing buildings across RBC business lines.
  • Announced plans to retrofit RBC’s Canadian branch network by investing $35 million over three years, starting with installing energy efficient low-carbon heating and cooling systems.
  • Supported climate solutions efforts of over 140 community investment partners through RBC Tech for Nature, with $29 million in investments, up 38% from 2023.

Recent News

2024

MICROSOFT / ROYAL BANK OF CANADA Agreed to purchase 10,000 tons of CO2 removal credits over 10 years from Deep Sky Labs, Canada’s first commercial direct air capture (DAC) facility. Deep Sky will use eight different DAC technologies with the aim of measuring and optimizing their performance year-round (accounting for the Canadian climate). The technologies will be powered by renewable energy and CO2 will be stored in permanent carbon storage. (Nov 2024)

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Announced a plan to retrofit its 1,200 Canadian branches, aiming to cut 10,000 metric tons of onsite carbon emissions from its operational footprint. In the first phase, RBC will invest $35 million over three years on energy-efficient low carbon heating and cooling systems. (July 2024)

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New York City (NYC) reached agreements with JPMorgan Chase, Citi, and Royal Bank of Canada for the banks to regularly disclose their "Energy Supply Ratio" (financing ratio of low-carbon energy to fossil fuels) and their underlying methodology. The agreements come after successful shareholder engagements by the NYC Comptroller and three of NYC’s pension funds (who also have Energy Supply Ratio shareholder engagements with three more banks outstanding). (April 2024)

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Announced three new actions it intends to take to accelerate the transition to a greener economy: 1) Triple lending for renewable energy across RBC Capital Markets and Commercial Banking and grow overall low-carbon energy lending to $35 billion by 2030; 2) Allocate $1 billion by 2030 to support the development of innovative climate solutions; 3 ) Accelerate capital deployment to emissions reduction efforts with a new decarbonization finance category. (March 2024)

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2023

Joined the CEF member network in May 2023!


Launched the RBC Climate Action Institute to bring together research insights and industry experts to help clients and communities apply climate solutions across key sectors of Canada's economy. The institute will work closely with businesses and industry partners to design practical ways to reduce net emissions. It will focus initially on buildings & real estate, agriculture, and energy systems.

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Announced that in 2023 it will add climate objectives to the CEO and group executives’ mid-term and long-term incentive plans. As RBC notes in its 2022 Climate Report, this will serve as “an additional incentive for the CEO and GE to accelerate RBC’s progress on these key priorities through innovation and engaging with governments, businesses and individuals to facilitate meaningful global progress towards net-zero over the short, medium and long term.” (March 2023)

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2022

Royal Bank of Canada (RBC) set 2030 interim targets for three sectors: oil & gas, power generation, and automotive. For oil & gas, RBC aims for a 35% reduction in Scope 1 and 2 emissions intensity and an 11-27% reduction in Scope 3 emissions depending on government policies over that period. For power generation, RBC will aim for a 54% reduction in Scope 1 emissions. For automotive, the bank is aiming for a 47% reduction in Scope 1, 2, and 3 emissions. RBC is also aiming to provide $500 billion in sustainable finance by 2025. (Oct 2022)

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2021

RBC committed to net-zero emissions in its lending portfolio by 2050 and announced an increased commitment to mobilize $500 billion in sustainable finance by 2025, after successfully fulfilling its first $100 billion in 2020. It also plans to achieve net-zero emissions in global operations by 2025 by reducing GHG emissions by 70% and sourcing 100% of its electricity from non-carbon emitting sources. (March 2021)

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