Tackling climate change presents a big challenge and an even greater opportunity for Canada, one that will impact all of our lives, and those of generations to come. Our nation’s plan to drastically reduce greenhouse gas emissions down to ‘net-zero’ by 2050 requires the largest change to our economy in our lifetime, and one that RBC is fully committed to supporting.
To reimagine our economy in ways that balance the needs of all regions and citizens, Canada’s path to net-zero require significant innovation and capital to succeed. How we get there is just as important as the destination itself. Traditional energy sources are important to support our daily lives as we change what energy we consume and how it is produced, and contain the terrible effects climate change is causing to our planet and communities. Canadian jobs and prosperity need to be preserved and enhanced while we build a more sustainable economy. Getting this transition right will not be easy, but we must move forward together with a sense of urgency and thoughtful action.
RBC is committed to playing our part, and it goes well beyond advancing net-zero leadership in our own operations, where we will reduce emissions by 70% by 2025. We will engage through our people and capabilities in every sector and community to enable the transition in three key ways:
Help clients as they transition to net-zero
We have committed $500 billion in sustainable financing by 2025 and are well on our way to meeting this commitment. Through a wide range of products, services and advice, we will continue to help businesses and individuals across all sectors and regions establish and accelerate their climate plans, achieve their goals and adapt to net-zero.
Hold ourselves accountable
We will monitor, measure and report on our clients’ efforts towards net-zero emissions. In early 2022, we will publicly share data on emissions produced by our clients that are associated with a large proportion of the loans and financial services we provide, sometimes referred to as “financed emissions”. At the same time, we will set interim goals in support of achieving net-zero by 2050. This includes working with our clients in emitting sectors, whose innovation and reduction strategies are critical to reaching Canada’s emissions targets.
Actively partner, inform and inspire Canada’s sustainable future
We will help promote climate literacy and offer ideas that support a successful transition. Our latest report “Canada’s Road to Net-Zero” presents six pathways for changing how we live, travel, grow and power our lives - in ways that don’t leave jobs, communities and businesses behind. And we will continue to fund, partner with, listen to, and bring together communities. This includes Indigenous leadership, technology experts, and public and private sectors to discover and innovate new climate solutions where it matters most.
Looking forward, Canada’s drive to net-zero will strengthen existing industries and create new sustainable ones. Ownership in sustainable projects as well as broader actions to achieve net-zero will create meaningful pathways for reconciliation with Indigenous peoples. And we will provide our children with a healthier world in which to thrive and prosper. Our economy will be cleaner, our nation stronger and our planet healthier. Working together, we can do this.
This is Canada’s most ambitious path, and we will be there every step of the way.
Visit Climate Hub to learn more about our climate commitments and actions.