RBC also commits to net-zero emissions in its lending by 2050 and signs on as a member of PCAF and the
In addition to setting an expanded sustainable financing target, RBC committed to:
- Net-zero emissions in its lending by 2050, aligned with the global goals of the Paris Agreement
- Joining the
Partnership for Carbon Accounting Financials (PCAF) andRMI's Center for Climate-Aligned Finance - Measuring and reporting financed emissions for key sectors starting in our 2022
Task Force on Climate-related Financial Disclosures (TCFD) Report - Setting interim targets to reduce financed emissions and building out climate-related stress testing programs at future dates
- Achieving net-zero emissions in its global operations annually; reducing greenhouse gas (GHG) emissions by 70% and sourcing 100% of its electricity from renewable and non-emitting sources both by 2025
More information is available by visiting the RBC Climate Blueprint.
These updates advance RBC's ongoing commitments to accelerate clean economic growth and support clients in the transition to net-zero, and have been announced in connection with
"Climate change is one of the most pressing issues of our time, requiring us to work more closely with our clients, peers, across industry sectors and with government to help build a sustainable economy for future generations," says
Setting interim targets is critical to ensuring RBC's long-term net-zero lending commitment is tracked and met. Measuring and reporting financed emissions for key industry sectors starting in 2022 will help RBC take significant strides in how the bank accounts for climate-related factors in its lending and financing.
RBC has long-established environmental leadership, dating back to 1991 when it launched its first corporate environmental policy. In 2017, RBC was the first Canadian bank to publish a TCFD aligned disclosure outlining the steps it was taking to manage climate risks and opportunities, and describing the organization's ongoing commitment to climate-related disclosures.
As part of delivering on its enterprise climate strategy, last year RBC convened an executive-led
RBC will share more information on climate-related commitments and performance in its 2020 ESG Performance Report and 2020
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SOURCE RBC
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