- Oops!Something went wrong.Please try again later.
RBC demonstrates purpose-driven strategy, making significant progress and accelerating ESG commitments during historically challenging year
TORONTO, April 6, 2021 /CNW/ - Reflecting on a year defined by the significant impacts of a global pandemic, RBC today released reports which together demonstrate its accelerated commitments and bolder goals focused on helping clients thrive and communities prosper:
RBC's 2020 Environmental, Social and Governance (ESG) Performance Report offers insights into overarching strategies, new and continuing commitments, and performance related to relevant ESG topics.
RBC's 2020 Task Force on Climate-related Financial Disclosures (TCFD) Report highlights progress in implementing the recommendations of the TCFD Committee to disclose the risks and opportunities associated with climate change.
RBC's 2020 Green Bond Report provides investors with updates regarding RBC's EUR500 million 5-year Green Bond offering from 2019, including: details on its Green Bond Asset Portfolio, the allocation of proceeds to that Portfolio, and the associated environmental impacts.
"The past year has strengthened our belief that to create a truly prosperous world, our shared path forward must be both sustainable and inclusive," said Dave McKay, President and Chief Executive Officer, RBC. "We only succeed as an organization if society succeeds too. That's why our bank will continue to be a force for positive change – investing in pandemic recovery efforts where help is needed most, building pathways to prosperity for young people, enabling economic mobility and social prosperity for underrepresented entrepreneurs and communities, and supporting millions of clients making the transition to net-zero and fighting climate change."
RBC's contributions to creating a more sustainable, inclusive, and prosperous future for all in 2020 (detailed in these reports) include:
Governance & Integrity
Acting as the first Canadian bank to release a detailed action plan against systemic racism, including commitments to: enable economic growth and wealth creation, invest in the future, and redefine inclusive leadership
Publishing a Human Rights Position Statement to respect internationally-recognized human rights, in line with the United Nations Guiding Principles on Business and Human Rights
Championing diversity & inclusion by having 42% and 17% of Directors who identify as women and BIPOC, respectively
Value for Clients
Supporting more than 620,000 clients through RBC Client Relief programs, providing clients impacted by COVID-19 pandemic with both immediate and long-term relief
Providing payment deferrals for more than $90 billion of loans during the COVID-19 pandemic
Facilitating $73.3 billion in sustainable financing towards increased target of $500 billion by 2025, following achievement of original $100 billion goal set in 2019
Value for Communities
Contributing $142.2 million globally through cash donations and community investments, including support to mitigate the economic impact of the COVID-19 pandemic and specific supports for the creative community
Providing relief to charitable partners through critical support measures, including introducing funding flexibility for operations helping to keep operations running, as well as honouring commitments to ensure funding remained uninterrupted
Raising $23.9 million for 4,300+ charities across Canada through annual employee giving campaign
Value for Employees
Leading as the first Canadian bank to commit to no job losses due to the COVID-19 pandemic in 2020
Acting quickly to listen, engage and support workforce through a broad range of health, safety, and wellness programs, resulting in 91% of employees feeling well-supported by RBC
Promoting greater equity and inclusivity in hiring practices, with 51% and 35% of new hires representing individuals who identify as women and BIPOC, respectively
Value for the Planet
Updating goals and commitments within enterprise climate change strategy in 2021, including a new, bolder commitment to achieving net-zero emissions in lending by 2050 and remaining carbon-neutral in own operations
Becoming the first financial institution in Canada to sign a long-term renewable energy Power Purchase Agreement, one of the largest in country's history
Providing over $9 million through RBC Tech for Nature to 124 partners that are solving pressing environmental challenges by leveraging technology and innovation capabilities
For more information on RBC's continued commitment to community, inclusion, and sustainability, visit: rbc.com/community-social-impact
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.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2021/06/c8232.html