Call out Canada's #1 Oil Bank

Royal Bank of Canada? More like OIL Bank of Canada!

In a contest that no one should ever want to win, the Royal Bank of Canada has taken the top spot as Canada’s biggest funder of fossil fuels. [1] RBC claims to be concerned about the planet and people, but in fact, in 2019 alone, RBC's support for fossil fuels was 250 times greater than their contributions to community and charitable organizations. [2] In 2022, Canadian banks increased their support for oil, gas and coal even as global fossil fuel finance fell to its lowest level in seven years [1] From the Coastal GasLink project [3] to the TransMountain pipeline expansion [4], RBC has been funding destructive projects that violate Indigenous rights and fuel the climate crisis.

Their slogan is “Let’s Make Someday Happen” but it should really be “RBC: Making The Climate Crisis Happen”! Even the Competition Bureau is investigating RBC's attempts at greenwashing [5] – looks like not all publicity is good publicity after all.

If RBC really wants to do more to fight climate change, this top Fossil Bank should divest from fossil fuels and invest in our common future – a GREAT first step would be allocating more than a mere 1% of their energy financing to renewable energy. [6]

With RBC, every day is a climate crisis.

But there's some good news! Banks have started to feel the heat people like you have been making on social media, at bank branches, and at bank-sponsored events 👀. [7]

Join us to grow the movement! Tell Canada's top fossil bank to stop funding fossils and to respect Indigenous rights.

Sources:

[1] Banking on Climate Chaos Report (2023)
[2] Youth won’t be fooled: Report exposes reputational risk for banks targeting youth through sponsorship while funding fossil fuels
[3] Royal Bank defends funding B.C.'s Coastal GasLink pipeline despite environmental concerns
[4] Canada's biggest banks quietly prop up TMX
[5] Competition Bureau opens investigation into RBC over climate claims
[6] Bank funding for renewables stagnates vs oil and gas - report
[7] Canada’s big banks respond to net-zero pressure