TORONTO, September 22, 2008 - RBC is among 67 companies and one of only 18 financial institutions worldwide named to the Carbon Disclosure Leadership Index 2008, a prestigious honour roll of world leaders at understanding and managing the financial risks and opportunities resulting from climate change. Among financial institutions, RBC was ranked #1 in Canada, tied for second both in North America and globally.
The ranking was carried out by PricewaterhouseCoopers (PwC) on behalf of the Carbon Disclosure Project (CDP), an initiative sponsored by a coalition of 385 institutional investors and asset managers representing $57 trillion in assets under management. These investors believe they can make better investment decisions by assessing the degree to which large companies are exposed to climate change risks, and how they are managing them. RBC Asset Management was a signatory to the 2008 CDP request.
"Good corporate governance in respect of climate change disclosure will inevitably reap its rewards. As carbon regulation increases, those companies that have implemented climate change related strategies are clearly going to be in a far better position to meet the challenge of higher carbon prices than companies that have procrastinated. Good disclosure practices are synonymous with good management," said CDP chief executive, Paul Dickinson.
Since 2002, the CDP has sent out annual information requests to the largest companies in the world measured by market capitalization. Each company was judged on its governance and strategy with respect to managing greenhouse gas emissions, emissions reduction targets, risks and opportunities associated with climate change. In the banking sector, climate change risks (or carbon risks) can include credit risk management procedures for carbon constrained sectors such as energy and natural resource clients and carbon management of lending portfolios.
Since its inception, CDP has become the gold standard for carbon disclosure methodology and process and its website is the largest repository of corporate greenhouse gas emissions data in the world.
RBC is listed on the 2008 Dow Jones Sustainability Index,
the Jantzi Social Index and the FTSE4Good Index, recognizing
the world's financial, social and environmental corporate
leaders. In 2007, RBC released the RBC Environmental Blueprint,
containing the company's commitment to reduce its greenhouse
gas emissions and energy use and outlining how RBC will approach
new, existing and emerging environmental issues in its lending