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As Canada's biggest bank, and one of the largest in the world based on market capitalization, we recognize we have an important role to play in accelerating clean economic growth and helping our clients and communities thrive in a socially inclusive transition to a net-zero economy.
RBC is pleased to be joining the Net-Zero Banking Alliance (NZBA), a global, industry-led initiative to accelerate and support efforts to address climate change. We joined the NZBA as we believe global banking collaboration is key to driving collective and credible progress toward achieving net-zero emissions by 2050. The NZBA will also provide a structured forum to support banks’ and our clients’ transition to net-zero in an inclusive way that takes account of such things as the resource-based and export-oriented nature of the Canadian economy. Also of key importance is the NZBA’s commitment to a just and orderly transition to net-zero that will strengthen individuals, communities and economies.
As we work to advance our climate goals and the advancement of the NZBA goals, external factors outside of RBC’s reasonable control may act as constraints on their achievement, including varying decarbonization efforts across economies, the need for thoughtful climate policies around the world, more and better data, reasonably supported methodologies, and technological advancements, the evolution of consumer behavior, the challenges of balancing interim emissions goals with an orderly and just transition, and other significant considerations such as legal and regulatory obligations.
For more information on NZBA signatory expectations, visit: Net-Zero Banking Alliance – Frequently Asked Questions
For more information on RBC’s strategic approach to climate change, visit: RBC Climate