March 3rd, 2024

New York City pension funds pushing RBC to disclose clean energy funding

By The Canadian Press on January 31, 2024.

Royal Bank of Canada signage is pictured in the financial district in Toronto, Friday, Sept. 8, 2023. New York City pension funds are pushing Royal Bank of Canada to disclose details on its clean energy funding. THE CANADIAN PRESS/Andrew Lahodynskyj

TORONTO – New York City pension funds are pushing Royal Bank of Canada to disclose details on its clean energy funding.

The shareholder resolution filed by the New York City Employees’ Retirement System and Teachers’ Retirement System asks that the bank fully report a ratio of how its clean energy funding compares to its fossil fuel funding.

The pension systems have filed similar resolutions against several U.S. banks as part of efforts to push for more action on climate change.

City comptroller Brad Lander says in a statement that banks have made little progress in the energy finance transition over the past couple of years and aren’t living up to their net-zero commitments.

BloombergNEF estimates that in 2022, RBC provided 37 cents in clean energy funding for every dollar it provided to fossil fuels.

RBC spokesman Andrew Block said in a statement that the bank is committed to its net-zero target, and is working with its clients to bring emissions down, not just get them off the books.

This report by The Canadian Press was first published Jan. 31, 2024.

Companies in this story: (TSX:RY)

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