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.
Fossil fuels will remain a significant part of the energy mix the world will need to use for some time to come. There is no point in supporting some ridiculous notion that solar and wind energy will supply Canada's needs.
RBC is also the largest bank in what was (pre Trudeau) the mining capital of the world. 50% of global deals used to be made here in Canada.
Right on! Keep the energy going!
That is good
We need to develop our resources have lots of everything this government is anti development
Good
BS. Who is financing Russian oil, Saudi/opec oil, Chinese oil, etc etc?
So do we compliment or condemn them for us being warn & transporting food to our kitchen tables.
Great work RBC!!!!
Good. I'll keep my account there. Never T.D.
Good. I want banks to make “fiscal decisions “
Sounds like time to sell TD & buy RBC!!
Good for them. I expect banks to make sound investments not just follow ideological trends.
Smart money.
Good. I already invested in RBC. Making a mint. Thank you to common sense
Well good. Far less chance of a Silicon Valley bank collapse at RBC if they can avoid the extremes of woke ideology. Humans need fuel to survive and prosper.
We still need fossil fuel for just about everything
The propaganda and shaming in Canada is strong. Is this a paid post?
Goooo RBC!!!
Good!
As a shareholder, good for them!
If RBC pulls financing to oil and gas. Then I pull my money from RBC.
Good we need them!
Good
good for them. Keeping my investments strong.
Good for them
lol. So what.
Smarter than Anheuser Busch.
Nice job RBC working for investors not the woke mob
So what?
So they still have an ounce of sense left?
So? You think this is news? Got a call from Telford? Seriously WTF?
Yes but literally every single bank invests in fossil fuels because it's guaranteed a return. Energy is a a safe bet.
Good for them.
Another good reason to go with RBC
Best say thanks
Good!!! Every barrel of oil that is extracted from the ground of countries that care about the environment (e.g., Canada) is a barrel not extracted from places like Venezuela. If you don’t support investment in Canada’s energy sector, you are effectively anti-climate.
oligarch be like that so.... no solutions that fix Canada *and your sponsors btw _____ If you watch mainstream... you probably don't even know about the Atlantic Conveyor
Nothing wrong with that
Who funds the environmental groups? Both should be transparent.
Perfect, I was thinking of moving my bank account to RBC, now I will for sure.
So rbc is funding climate change?
So what? We need energy more than ever. Is there anybody with an IQ over 100 in these activist organization that can logically understand energy is the source of our progress and oil is the cheapest and most abundant form?
Go Royal !!! F*ck ESG.
Investors look for a good return on their money, therefore, banks are smart to support fossil fuel companies. Pension funds are another player in the fossil fuel industry which helps to build equity for its holders.
The only goal of investment is get return legally. I don't think there is anything wrong with financial investment in the fossils.
Best energy source so far we have ! Bravo to them🏅🏅🏅🏅🏅🏅🏅
Glad to hear. Keep it up
And?
Oh no
Good. 👍🏻
Good for them I like what oil does for my everyday life !
RBC has always known where to put its money. Good on them.
Good. FF are the cleanest and cheapest energy sources available.
Good for RBC.
Awesome, my investments are solid with RBC 👏👏
Good. They made the right choice and they will ripe the benefits of it
Good so my investments will grow.
Good because despite what the green zealots think, we still need oil and gas for decades to come.
Good.
That’s why they are the TOP BANK
Excellent Make me money RBC
They don't buy the hoax.
Fossil fuels are a cheap form of energy, responsible for saving countless number of lives, especially in developing nations. RBC should be applauded not shamed.
Excellent.
Great job RBC I expect good returns keep supporting our economy
I should consider working at RBC from the current big 5 bank I'm at!
👏👏👏 RBC
Time to buy more RBC stock
China emits the most carbon, pays $0 in carbon taxes and has one of the lowest minimum wages in the world. Canada emits very little carbon, pays a huge carbon tax and has one of the highest minimum wages in the world. Most of our everyday goods from China because it costs less.
Thank you RBC. I support you!
As an investor, I want a good return on my investments and if it is invested in fossil fuels that is okay.
Good. Will keep banking with them
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