- 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.
Financial Times — Climate — Fossil Fuel Financing — Us & Canadian Companies — Climate Change — Banks
Royal Bank of Canada becomes top financier for fossil fuel industry
Royal Bank of Canada has become the biggest financier of the fossil fuel industry in 2022, providing funding to carbon-intensive projects shunned by European lenders. Canadian banks have provided $862bn to fossil fuel companies since the Paris Agreement.