April 13th, 2024

RBC agrees to disclose key climate metric on energy funding

By The Canadian Press on April 3, 2024.

RBC chief executive Dave McKay speaks at the banks annual meeting in Toronto on April 6, 2017. RBC says it plans to disclose a key climate metric that the New York City Comptroller has been pushing it to adopt. THE CANADIAN PRESS/Frank Gunn

TORONTO – RBC says it plans to disclose a key climate metric that the New York City Comptroller has been pushing it to adopt.

Chief executive Dave McKay says in an interview that the bank plans to disclose the ratio of how its clean energy funding compares with its fossil fuel financing in its next climate report.

The measure, pioneered by research group BloombergNEF, has emerged as an especially clear indicator of how bank funding stacks up on climate solutions compared with the status quo.

New York pension funds had pushed in a shareholder resolution for RBC to adopt the measure, something the bank’s board of directors had rejected as premature.

McKay now says the bank thinks it’s an important metric going forward and something the bank measures internally.

BloombergNEF calculated in its latest report that RBC provided 37 cents in clean energy funding for every dollar it directed to fossil fuels.

This report by The Canadian Press was first published April 3, 2024.

Companies in this story: (TSX:RY)

Share this story:
Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments