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Societal Challenges and Our Ambitions
Today’s societal challenges have the potential to undermine the ability of our clients, employees, shareholders, and communities where we operate to thrive and prosper. We want to do our part to help address these challenges and aim to engage others to contribute to addressing them.
Urgent Environmental Crisis
The emissions generated to support our lives and livelihoods are placing the planet on an unsustainable path.2
Rapidly Changing Workforce
Advanced technologies are helping create meaningful careers, but livelihoods are also being displaced and industries dislocated by the shift in in-demand skills.3
transition to a
net-zero economy
Our goal is to be the bank of choice for the transition to a low-carbon and resilient economy.
Our goal is to help our employees and communities where we operate keep pace with the changing world of work to drive mobility, innovation and resilience.
Our goal is to be known by our clients, communities and employees for providing fair and inclusive opportunities for prosperity.
Urgent Environmental Crisis
The emissions generated to support our lives and livelihoods are placing the planet on an unsustainable path.2
transition to a
net-zero economy
Our goal is to be the bank of choice for the transition to a low-carbon and resilient economy.
Rapidly Changing Workforce
Advanced technologies are helping create meaningful careers, but livelihoods are also being displaced and industries dislocated by the shift in in-demand skills.3
Our goal is to help our employees and communities where we operate keep pace with the changing world of work to drive mobility, innovation and resilience.
Our goal is to be known by our clients, communities and employees for providing fair and inclusive opportunities for prosperity.
Our Blueprints
How we will progress towards achieving our Ambitions is guided by our Blueprints. The RBC Blueprints are key to RBC’s long-term success as a business, community investment partner and employer.
Providing support to our clients across sectors in the transition, while focusing first on the areas that we believe present the greatest opportunities and risks7. We will continue to measure and track our progress and evolve our strategy to be responsive to the needs of our clients and communities.
View the RBC Climate BlueprintOur Goal
To be the bank of choice for the transition to a low-carbon and resilient economy.
Key Terms
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).
Decarbonization finance – we define decarbonization finance as including two elements: 1) the decarbonization activity and 2) the client having a sufficiently robust transition plan. Decarbonization activities are those that help reduce emissions from high-emitting, hard-to abate sectors. Refer to our sustainability reporting for a more detailed definition.
Green finance – refers to financing towards activities aligned to the categories listed in the International Capital Market Association Green Bond Principles and the Loan Market Association / Loan Syndications and Trading Association / Asia Pacific Loan Market Association Green Loan Principles. Examples of categories listed in the Principles include renewable energy, energy efficiency, environmentally sustainable management of living natural resources and land use, clean transportation and green buildings. We are currently reviewing our detailed eligibility criteria for specific activities within each category and may update our definition at the conclusion of this review.
Low-carbon – an economy with minimal output of GHG emissions.
Resilient or resilience – the 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. In the context of skills, this refers to the capacity of an individual to adapt to industry shifts, technological advancements in the workplace, organizational changes, and career pivots. In the context of communities, this refers to communities being resilient to a wide range of risks while maintaining an acceptable level of functioning without compromising long-term prospects of sustainability development, peace and security, human rights, and wellbeing for all.
Transition – refers to the economic, energy, technological, and societal transformation that is required to achieve the significant 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.
For further details, please refer to our sustainability reporting.
Our Progress8
Advise and finance client actions that support the transition
- Completed the first year of client engagement under RBC’s Client Engagement Approach on Climate - Energy Sector, which outlines RBC Capital Markets’ approach to engagement with its energy sector clients on their plans for the transition
- Increased our lending to pure play low-carbon energy entities (increased by 104% for wind and 20% for nuclear from 2023)
- Developed our own methodology to calculate our energy supply ratio, which is being tracked and reported internally
- Established a strategy to provide advice for the construction and acquisition of new green buildings and the retrofitting of existing buildings, across RBC business lines
Engage with others in advancing climate solutions
- Released The RBC Climate Action Institute’s inaugural annual report on Canada’s net-zero progress, exploring the challenges and opportunities for Canada’s climate journey9
- Allocated $22 million in climate investments, for a cumulative amount of $167 million since 2022, to support the development and scaling of climate solutions through equity fund and direct investing, progressing towards our goal to allocate $1 billion by 203010
- RBC Tech for Nature® supported 140+ community investment partners in areas such as agriculture, energy and nature-based climate solutions through $29 million in community investments, an increase of 38% from 2023. Since 2019, RBC, RBC Foundation and RBC Foundation USA have invested $90 million of the $100 million commitment by 2025 to help address climate change and biodiversity loss, with the remainder to be invested in 2025
Integrate climate considerations into our business and operations
- Continued to build on our approach to employee enablement and launched mandatory training on climate for Commercial Banking advisors
- Announced plans to accelerate the retrofit of RBC’s Canadian branch network where we are responsible for heating, ventilation and air conditioning equipment by investing $35 million over three years (2025-2027) in the first phase through the installation of energy efficient, low-carbon heating and cooling systems such as heat pumps, which will replace aging equipment
Providing our employees and communities where we operate with support to develop in-demand skills and pursue meaningful careers is important to sustain our culture of high performance and to help improve lives in our communities.
View the RBC Skills BlueprintOur Goal
To help our employees and communities where we operate keep pace with the changing world of work to drive mobility, innovation and resilience.
Key Terms
Mobility – flexibility, agility, and adaptability in talent deployment and development opportunities.
Innovation – refers to practices that enable employees at every level to use and develop their skills, knowledge, experience and creativity to the fullest possible extent.
Resilient or resilience – the 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. In the context of skills, this refers to the capacity of an individual to adapt to industry shifts, technological advancements in the workplace, organizational changes, and career pivots. In the context of communities, this refers to communities being resilient to a wide range of risks while maintaining an acceptable level of functioning without compromising long-term prospects of sustainability development, peace and security, human rights, and wellbeing for all.
In-demand skills – refers to relevant technical capabilities or knowledge that enable individuals access to quality jobs and diverse career pathways (e.g., trades, artificial intelligence, technology, agriculture, and green skills).
Recredentialing – refers to the process of verifying or reverifying education, licenses and certificates, including for the purposes of ensuring that the training, education and/or experience obtained in another country meets the federal, provincial or territorial standards.
For further details, please refer to our sustainability reporting.
Our Progress8
Advance a skills centric approach to help enable employees to serve our clients
- Supported making data driven decisions by creating new reports and a toolkit that leverages data from our HR platform to provide senior leaders with a view of core skills adoption and development opportunities for their teams
Collaborate with others to help individuals and organizations navigate the changing world of work
- Through the RBC Foundation Green Skills Scholarships Program, RBC Foundation, in partnership with Universities Canada, awarded scholarships of up to $5,000 to 40 students aged 25+ in 2024 committed to returning and reskilling within buildings and construction, agriculture and food production, transportation, waste management and recycling, and renewable energy
- Through RBC Emerging Artists, RBC and RBC Foundation donated over $10 million in 2024 to approximately 200 charities and not-for-profit organizations to help equip the next generation of creatives with skills for a thriving future. Since 2004, investment in arts organizations have reached over $140 million, supporting over 51,500 creatives
- Through RBC Future Launch, RBC and RBC Foundation provided $59 million in 2024, helping set up Canadian youth in the communities we operate in with skills needed for a thriving future. Since 2017, RBC Future Launch has reached over 8.4 million Canadian youth and provided $451 million of the $500 million commitment by 2025 through more than 960 partner programs
- RBC continued its thought leadership in areas such as economic growth opportunities, skills and others. As of June 2024, more than 26,000 young people had participated in the RBC Young People and Economic Inclusion Longitudinal Study (launched in 2022), a collaboration between RBC and the Youth and Innovation Project at the University of Waterloo, to provide insights into the obstacles facing Canadian youth, with a focus on employment
Support skills development in our workforce
- Through Leap, our upskilling program, RBC focuses on skills development through self-directed learning, hands on-activities and interactive discussion groups. 5,584 participants completed Leap pathways resulting in 69,768 learning hours
- Over 3 million hours collectively invested by our workforce in building their technical, personal and business skills11
- 29,966 employees accessed on demand learning in our learning management systems to build and sharpen their technical, personal and business skills, a 38% increase from the 21,711 employees in 2023
Providing fair and inclusive opportunities is important for the wellbeing of society and for the long-term success of our business. We look for ways to turn ideas into action and help our clients become more financially stable, improve the strength and resilience of our communities, and develop our employees’ career potential. While we recognize that we cannot do this alone, we are dedicated to doing our part.
View the RBC Inclusive Opportunities BlueprintOur Goal
To be known by our clients, communities, and employees for providing fair and inclusive opportunities for prosperity.
Key Terms
Fair and inclusive opportunities – an opportunity that allows for those with the same level of talent and ability, and the same willingness to use them, to participate in ways where they have the same prospects of success. It involves removing barriers and biases that hinder one’s ability to participate and contribute.
Prosperity – consists of opportunities for wellbeing and advancement:
- Wellbeing is a positive state experienced by individuals and societies. It includes emotional, mental, physical, social, and financial wellbeing and the ability of people and societies to contribute to the world with a sense of meaning and purpose.
- Advancement is the development or improvement of an individual’s career, economic, or wellbeing status.
Under-served populations – groups who have been denied a full opportunity to participate in aspects of economic, social, and civic life. These groups may include but are not limited to people who are socio-economically disadvantaged, geographically isolated, educationally disenfranchised, or those who have been historically excluded due to race, gender, sexual orientation, disability status, or other identity-based factors.
Resilient or resilience – the 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. In the context of skills, this refers to the capacity of an individual to adapt to industry shifts, technological advancements in the workplace, organizational changes, and career pivots. In the context of communities, this refers to communities being resilient to a wide range of risks while maintaining an acceptable level of functioning without compromising long-term prospects of sustainability development, peace and security, human rights, and wellbeing for all.
Meaningful career – describes a pathway composed of roles and experiences that make an individual feel fulfilled and valuable – where their job and day-to-day efforts are both appreciated and connected to something that transcends their personal interests.
For further details, please refer to our sustainability reporting.
Our Progress8
Help clients achieve their financial aspirations
- Announced the launch of Global Credit Connect with Nova Credit, a cross-border credit bureau, to help eligible RBC newcomer clients leverage their international credit history in Canada, which can then be used in applications for RBC credit products and solutions
- Continued to help Canadians navigate their personal relationships with money by expanding My Money Matters™ (originally launched in October 2023), a website with content, resources and tools (visited over 2.5 million times since launching) and continued to expand access to Mydoh®, RBC’s money management application for households, which reached over 230,000 Canadians since 2021, helping youth build their financial literacy skills
- RBC NOMI Find & Save®, a tool that uses predictive technology to understand clients’ personalized transaction patterns and to help them save, has helped our clients put aside more than $7 billion into savings since its launch in 2017
Contribute to building inclusive and resilient communities
- Launched Ownr® Blueprint, a free, step-by-step digital business planning tool that is tailored to help aspiring and existing entrepreneurs create a comprehensive business plan
- In connection with the HSBC Bank Canada acquisition, RBC committed to provide $7 billion in financing for the construction, retrofitting, and renovation of affordable and sustainable housing in Canada over five years
- Established the RBC Foundation Community Infrastructure Fund with the goal of helping increase accessibility and environmental sustainability in our communities. In 2024, RBC Foundation provided over $6 million to 35 projects across Canada to support retrofits, repairs and upgrades of existing community spaces, as well as the construction of new spaces
Support our employees in their pursuit of a meaningful career
- Employees continued to grow their career and to access opportunities in the organization, with 72% of positions filled by internal candidates in 2024, up from 68% in 202312
- Launched a new wellness platform that provides learning resources, health-related challenges and community connections to support employees in improving health and wellbeing while earning rewards for their wellness activities
Strengthening our communities8
Disaster and humanitarian response
We are enhancing community readiness and resilience by mobilizing more than C$2.1 million to global aid organizations to support disaster and humanitarian relief efforts.
Employee impact
We offer employees with charitable giving opportunities and volunteer programming, including the RBC Communities Together Fund, which helps address pressing needs in local regions through team volunteering.
Supporting youth wellbeing
Since inception in 2009, RBC Race for the Kids has raised over C$100 million in fundraising, helping to set up youth for a thriving future in our communities.
Unlocking the potential of Team Canada’s next generation
Healthy, active people contribute to great communities. We support athletes from the playground to the podium, unlocking the potential of Team Canada’s Next Generation of Olympians since 2016 through RBC Training Ground.
Funding sustainable and accessible community spaces
As part of our ongoing commitment to creating more accessible and environmentally sustainable communities, the RBC Foundation Community Infrastructure Fund provides grants for retrofits, repairs or upgrades of existing community spaces, as well as the construction of new spaces.
Removing and preventing accessibility barriers to support inclusive participation
We are proud to embody a culture of belonging. We do this by creating, enhancing and supporting opportunities that help employees, clients and communities thrive as outlined in the RBC Accessibility Plan.
Disaster and humanitarian response
We are enhancing community readiness and resilience by mobilizing more than C$2.1 million to global aid organizations to support disaster and humanitarian relief efforts.
Employee impact
We offer employees with charitable giving opportunities and volunteer programming, including the RBC Communities Together Fund, which helps address pressing needs in local regions through team volunteering.
Supporting youth wellbeing
Since inception in 2009, RBC Race for the Kids has raised over C$100 million in fundraising, helping to set up youth for a thriving future in our communities.
Unlocking the potential of Team Canada’s next generation
Healthy, active people contribute to great communities. We support athletes from the playground to the podium, unlocking the potential of Team Canada’s Next Generation of Olympians since 2016 through RBC Training Ground.
Funding sustainable and accessible community spaces
As part of our ongoing commitment to creating more accessible and environmentally sustainable communities, the RBC Foundation Community Infrastructure Fund provides grants for retrofits, repairs or upgrades of existing community spaces, as well as the construction of new spaces.
Removing and preventing accessibility barriers to support inclusive participation
We are proud to embody a culture of belonging. We do this by creating, enhancing and supporting opportunities that help employees, clients and communities thrive as outlined in the RBC Accessibility Plan.
Our Guiding Principles
Enable change through leadership and influence
Build trust through transparency
Advance human rights and reconciliation
Use data and technology for good
More from RBC
Apply for Funding
Through RBC, RBC Foundation and RBC Foundation USA, we help communities in Canada and around the world by funding initiatives through donations and sponsorships. Discover how to apply for funding for your cause.
Sustainability Reporting
Learn about our approach to sustainability matters and our overarching strategies, highlights and performance related to sustainability topics.