The Royal Bank of Canada is the fifth largest fossil fuel funder in the world and the biggest one in Canada. Since 2016, when the Paris climate agreement was signed, RBC has poured over $262 billion into dangerous fossil fuel projects that threaten the very existence of our planet.
From financing new tar sand pipeline projects that infringe on the rights of Indigenous peoples, to funding the fracked gas Coastal GasLink pipeline, RBC continues to bury its head in the sand when it comes to the need for real climate action.
With many financial institutions around the world starting to invest in just and equitable climate solutions, RBC is feeling the pressure. But their actions so far are not enough. Their net-zero emission commitments are vague and don’t address the immediate need to curb investment in fossil fuel companies including dangerous expansion projects.
The math is clear, if we are to limit global warming to below 1.5 degrees in the next decade, we need to stop investing billions into coal, oil and gas, and instead take drastic actions to reduce emissions. That’s why we are demanding that RBC phase out the financing of fossil fuels, starting with coal and tar sands. Indigenous rights must be respected by any company RBC does business with.
The time to act is now. Tell RBC to clean up its act and start taking climate change and Indigenous rights seriously.