RBC tops list of global financiers to fossil fuel companies in 2022, says report by environmental groups

Their 2022 report identified 15 banks that increased their fossil fuel financing in dollar terms last year. That list included RBC, though the Canadian bank placed near the bottom with a four per cent increase over 2021.

The report also noted that RBC continues to fund expansion projects, such as British Columbia’s Coastal GasLink pipeline which will carry fracked gas, a project that has drawn protests from environmental activists and the Wet’suwet’en hereditary chiefs.Article content While Canada has become a magnet for such protests, U.S. banks as a group continue to dominate fossil fuel financing, accounting for 28 per cent of it in 2022, according to the report. In addition to JPMorgan, the report said Citi, Wells Fargo and Bank of America are among the top five fossil financiers of non-renewables since 2016.

Increased funding for liquefied natural gas projects in 2022 is also criticized in the report. Financing for LNG projects, which came amid calls to transition to renewables to reduce Europe’s reliance on energy from Russia, increased by nearly 50 per cent in 2022 over the prior year, clocking in at $23 billion.

Good work. This makes me proud to be canadian

Smart business

That's great. Hope they do more. Canada has the most ethically produced oil and gas. We should not be buying any oil from Saudi Arabia and Russia IMO.

They need to fund more. So do the other big banks.

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