RBC was the top funder of fossil fuels in 2022
The Banking on Climate Chaos Report is out and one thing is clear: RBC was the climate villain of the year in 2022. For the first year since publishing the Banking on Climate Chaos report, RBC ranked #1 worst funder of fossil fuels, contributing $54.7 billion last year. Since 2016, RBC has financed more than $330 billion in fossil fuels.
Canadian banks are driving climate chaos by continuing to prop up and fund the fossil fuel industry. All Big 5 Banks pumped more money into fossil fuel expansion in 2022. Scotiabank came in second, followed by TD, BMO and CIBC.
Canadian banks funded a total of $179 billion in fossil fuels last year alone, the largest amount since 2016. This brings Canadian banks to a collective total of more than $1.12 trillion in fossil fuels since the Paris Climate Agreement.
A week earlier, RBC draped the word climate all over its AGM while launching a new climate think tank. Meanwhile, no bank gave more money to fossil fuels in 2022. This is precisely why RBC is under investigation for greenwashing.
Total overall financing of fossil fuel companies by Canadian banks increased in 2022 over 2021 levels, surpassing CDN $179 billion – the largest amount since before the Paris Climate Agreement was signed. Canadian banks have funded over CDN $1.12 trillion in fossil fuels since 2016.