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Access to financing is required to promote the innovation and adoption of solutions needed for the transition. Certain solutions for climate mitigation are in the early stages of technological or market maturity and are not yet suitable for bank financing. Investing in climate solutions allows RBC to support innovation at earlier stages than through traditional lending arrangements alone. RBC’s investments support companies whose goals are to develop and scale climate solutions.
In 2024, RBC set a goal to allocate $1 billion by 2030 to support the development and scaling of climate solutions by investing in venture capital and growth equity funds, as well as directly in companies.1 In 2024, RBC committed $22 million in new climate investments, totalling $167 million since 2022.2
Fund Commitments
General Atlantic BeyondNetZero Fund I (GA BnZ)
GA BnZ (opens to another site) is a global fund focused on growth equity investment opportunities in decarbonization, energy efficiency, resource conservation and emissions management. The GA BnZ team seeks to identify and scale innovative solutions that focus on meeting and exceeding net-zero emissions targets. The GA BnZ team has also partnered with SYSTEMIQ, a climate consultancy, to develop and implement a data-driven approach to measuring and reporting emissions, and supporting growth equity companies in adopting emissions reduction targets.
On an episode of Disruptors, an RBC podcast, John Stackhouse spoke with GA BnZ Managing Director Eli Aheto to discuss trends and opportunities in climate investing and what Canada can learn.
Listen to Disruptors S5:E10
Evok Innovations Fund II (Evok)
Evok (opens to another site) is a Canadian fund headquartered in Vancouver focused on carbon capture, low-carbon fuels, electrification, critical minerals and industrial innovation companies in North America. Evok is led by a team of entrepreneurs and climate investors with decades of experience scaling cleantech companies. The firm draws on its partnership base to support early-stage companies working to scale high impact decarbonization technologies.
On an episode of Disruptors, an RBC podcast, John Stackhouse spoke with Evok CEO Marty Reed to discuss Alberta’s energy sector and how the province can help foster a culture of innovation to attract top talent and diversify the energy economy.
Listen to Disruptors S2:E3
ArcTern Ventures Fund III (ArcTern)
ArcTern (opens to another site) is a Canadian climate venture fund based in Toronto, with offices in San Francisco and Oslo, focused on North American and European technology investments. The team invests in technology companies that have a positive impact on climate change. Key areas of focus include electrification and energy, clean industry, mobility, and food systems.
Power Sustainable Lios Fund I (Lios)
Lios is a Canadian private equity investment platform focused on food & agriculture. Lios is headquartered in Toronto and is led by a team of operators and investors with experience across food processing, agriculture, infrastructure, and private equity. The fund invests in mid-market companies across the agri-food value chain and seeks to improve resilience and environmental sustainability within the food system.
XPV Water Partners Fund III (XPV)
XPV (opens to another site) is an investment fund focused on water and environmental businesses globally. Headquartered in Toronto, XPV’s experienced team leverages its ecosystem, industry knowledge, and water-centric company scaling platform to help emerging companies achieve their strategic goals. Key areas of focus include optimizing water process efficiency, reducing water waste and emissions, and protecting and preserving water quality.
Wellington Climate Innovation Fund I (CIF)
CIF is a global fund focused on late-venture and early-growth equity investments in North American and European companies addressing climate change. The fund invests in tech-enabled solutions across energy, buildings & cities, transportation & mobility, industrial efficiency, and food & agriculture. CIF supports entrepreneurs developing solutions to help mitigate and adapt to climate change, and collaborates with Woodwell Climate Research Center, an independent climate change research institute, to provide insights and research that inform investment themes and support portfolio companies. Wellington Management, headquartered in the U.S., is an independent investment management firm, serving clients in more than 60 countries.
Direct Investments
ClearBlue Markets
ClearBlue Markets (opens to another site) provides carbon markets services to hundreds of clients worldwide, helping them optimize their strategies for compliance requirements and voluntary net zero ambitions through its deep advisory expertise and AI enabled technology ClearBlue Vantage.
The company is global with offices in North America and Europe, and offers a range of services, including carbon markets advisory and strategy, market analysis, capacity building, offsets project development, and transaction facilitation.
The investment is helping ClearBlue Markets to enhance the capabilities of its Vantage technology platform and expand functionality of carbon market enablement tools, deep regulatory and policy insights, offset development work, and transaction facilitation expertise.
Find the full press release here. (opens to another site)“
RBC recognizes that climate change is a global challenge, and companies like ClearBlue Markets can play an important role in addressing it effectively. Adding ClearBlue Markets and its technology platform to our portfolio is aligned with RBC's climate strategy and will in turn provide our clients with additional access to advisory services and technology needed to support their transition to a more sustainable future.”
– Barrie Laver, Managing Director,
Head of Venture Capital & Private Equity, RBC
Climate solutions — technology, products, services or actions that help mitigate or adapt to the impacts of climate change. Solutions include those that support greenhouse gas (GHG) emissions reductions and/or the low-carbon transition, but also those that support outcomes linked to society’s resilience to the physical impacts of climate change (e.g., adaptation of infrastructure, nature and/or biodiversity gains).
Resilient or resilience — capacity to anticipate, cope with, recover from, or adapt to shock, disruption, stress or changing factors in the external environment. In the context of climate, this refers to the resilience of the economy to the effects of climate change.
Transition — refers to the economic, energy, technological, and societal transformation that is required to achieve the significant greenhouse gas (GHG) emissions reductions necessary for a low-carbon or net-zero world. This will impact all sectors, and is highly dependent on substantial GHG emissions reductions in high-emitting sectors.
The information in this webpage is provided for general information purposes only. The recipient is solely liable for any use of the information contained in this webpage, and neither RBC nor any of its affiliates nor any of their respective directors, officers, employees or agents shall be held responsible for any direct or indirect damages arising from the use of this document. This webpage contains forward-looking statements within the meaning of certain securities laws. Information contained in this webpage is or may be based on assumptions, estimates and judgements. For cautionary statements relating to the information in this webpage, refer to the Caution regarding forward-looking statements and the Important notice regarding this Report appendices in RBC’s 2024 Sustainability Report, available at our Sustainability Reporting site. Except as required by law, none of RBC or any of its affiliates undertake to update any information in this webpage.