Reimagining a sustainable future
Our Actions on Climate and Achieving Net-Zero
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. Global plans to drastically reduce greenhouse gas emissions (GHGs) 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.
RBC is using our size and scale to align with ambitious new global targets and set new standards for our industry. This includes joining the Net-Zero Banking Alliance, reaching net-zero emissions in our lending by 2050, and being a strong partner to governments and society in reaching the goals of the Paris Agreement.
The RBC Climate Blueprint(opens in new window) is our enterprise strategy to accelerate clean economic growth and support our clients in a socially inclusive transition to net-zero. Our strategy is focused on four key priorities:
Help clients as they transition to net-zero
Hold ourselves accountable
Inform and inspire a sustainable future
Advance net-zero leadership in our own operations
Working Towards a Sustainable Future
Our journey to net-zero is a priority, and we continue to make steady progress helping our clients, communities and the planet. Successes include:
- Our commitment to providing $500 billion in sustainable finance by 2025, supported by a Sustainable Finance FrameworkOpen sustainable finance framework P D F 759kb in a new tab that brings transparency to our approach and methodology.
- Updating goals and commitments within enterprise climate change strategy in 2021, including a new commitment to achieving net-zero emissions in lending by 2050 and bold commitments to reduce our emissions by 70% and source 100% of our electricity from renewable and non-emitting sources, both by 2025.
- Becoming the first financial institution in Canada to sign a long-term renewable energy Power Purchase Agreement.
- Funding more than 100 initiatives to solve pressing environmental challenges through RBC Tech for Nature, with more than $27 million being invested in 125 community partnerships since 2019.
- Publishing the $2 Trillion Transition, our flagship net-zero report that charts a path through the challenges and opportunities facing Canada.
- Joining the Net-Zero Banking Alliance, a global, industry led-initiative to accelerate and support efforts to address climate change, and support an orderly and just transition to our net-zero future.
How We Measure Our Impact
Aligned to the United Nations Sustainable Development Goals (SDGs), the RBC Impact Measurement Framework (IMF) simplifies how we measure our impact. RBC Environmental initiatives outcomes and results:
Empowering our clients
in Sustainable Finance in 2021
in assets under management that integrate material ESG factors in 2021
1.5 billion tonnes
of carbon traded in 2021
Committing to net-zero
in our lending by 2050
reduction in GHG emissions by 2025
of electricity sourcing from renewable and non-emitting sources by 2025
Being an active partner
Over $10 million
in donations to more than 110 universities and charities through RBC Tech for Nature in 2021
See the ESG Performance Report(PDF) for more details.
Sharing Our Progress
RBC is committed to creating a more sustainable, inclusive, and prosperous future for all.
The following reports demonstrate RBC’s accelerated commitments to helping clients thrive and communities prosper:
Outlines our initial interim emissions reduction targets for the Oil & Gas sector, and the Power Generation and Automotive sub-sectors, our target-setting methodology, and the principles and beliefs that guided the target setting process, including our beliefs on the role for banks and other stakeholders in the transition to net zero.
Highlights our progress in implementing the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) to disclose the risks and opportunities associated with climate change, and sets new goals in alignment with the bank’s net-zero commitments.
Offers insights into our approach to ESG and our overarching strategies, new and ongoing commitments, and performance related to relevant ESG topics.