- Royal Bank of Canada (RBC) has become the largest financier of the fossil fuel industry in 2022 with $42.1bn in funding, including $4.8bn for tar sands.
- Canadian banks are seen as the 'lenders of last resort' for carbon-intensive projects, potentially picking up the slack for financing shunned by European lenders.
- Canadian banks have provided $862bn to fossil fuel companies since the signing of the Paris Agreement.
- 43 of the banks, including RBC and JPMorgan, were part of the Net Zero Banking Alliance, whose members have committed to take action on climate, while 49 had pledged net zero emissions.
- Fossil fuel financing from the world’s 60 largest banks hit $673bn in 2022, down 16% from the previous year.
Royal Bank of Canada becomes top financier for fossil fuel industry
Canadian banks seen as ‘lenders of last resort’ for carbon-intensive companies and projects
Camilla Hodgson
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