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RBC also commits to net-zero emissions in its lending by 2050 and signs on as a member of PCAF and the RMI's Center for Climate-Aligned Finance
TORONTO, Feb. 25, 2021 /CNW/ - RBC today announced progress on its climate strategy with an increased commitment to mobilize $500 billion in sustainable finance by 2025. RBC's initial commitment of $100 billion in sustainable financing was achieved in 2020.
In addition to setting an expanded sustainable financing target, RBC committed to:
Net-zero emissions in its lending by 2050, aligned with the global goals of the Paris Agreement
Joining the Partnership for Carbon Accounting Financials (PCAF) and RMI's Center for Climate-Aligned Finance
Measuring and reporting financed emissions for key sectors starting in our 2022 Task Force on Climate-related Financial Disclosures (TCFD) Report
Setting interim targets to reduce financed emissions and building out climate-related stress testing programs at future dates
Achieving net-zero emissions in its global operations annually; reducing greenhouse gas (GHG) emissions by 70% and sourcing 100% of its electricity from renewable and non-emitting sources both by 2025
More information is available by visiting the RBC Climate Blueprint.
These updates advance RBC's ongoing commitments to accelerate clean economic growth and support clients in the transition to net-zero, and have been announced in connection with RBC Capital Markets' inaugural Environment, Social and Governance (ESG) Conference, which runs February 24-26, bringing together approximately 2,500 global attendees.
"Climate change is one of the most pressing issues of our time, requiring us to work more closely with our clients, peers, across industry sectors and with government to help build a sustainable economy for future generations," says Dave McKay, President and CEO, RBC. "Our updated climate strategy reinforces the important role RBC has to play in helping clients and communities through the transition to a net-zero economy by 2050. Our commitment to advancing our clients' ESG goals and accelerating society's progress is underpinned by our belief that capital can be a force for positive change."
Setting interim targets is critical to ensuring RBC's long-term net-zero lending commitment is tracked and met. Measuring and reporting financed emissions for key industry sectors starting in 2022 will help RBC take significant strides in how the bank accounts for climate-related factors in its lending and financing.
RBC has long-established environmental leadership, dating back to 1991 when it launched its first corporate environmental policy. In 2017, RBC was the first Canadian bank to publish a TCFD aligned disclosure outlining the steps it was taking to manage climate risks and opportunities, and describing the organization's ongoing commitment to climate-related disclosures.
As part of delivering on its enterprise climate strategy, last year RBC convened an executive-led Climate Working Group, focused on the development of climate-related products & services, risk management frameworks, research & partnerships as well as thought-leadership.
RBC will share more information on climate-related commitments and performance in its 2020 ESG Performance Report and 2020 Task Force on Climate-related Financial Disclosures Report in early April.
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 86,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 34 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.
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