Energy Efficiency, GHG Emissions, Finance - October 28, 2022
RBC Sets 2030 Emission Reduction Targets
RBC announced its initial set of 2030 interim emissions reduction targets (initial interim targets) for three key sectors: oil & gas, power generation, and automotive.
The initial interim targets outlined in the bank's Net-Zero Report help drive towards RBC's net-zero objective and advance a key element of RBC's commitment under the Net-Zero Banking Alliance (NZBA).
The goals also reinforce the bank's ambition to play a role in financing the climate transition, supporting collaborative approaches between the public and private sectors to transition to a net-zero economy.
"We know the greatest impact RBC can have to drive emissions reductions in the economy is through partnerships with our clients," said Dave McKay, President and CEO at RBC in a statement. "Our initial interim targets will help us track and measure how we're doing in working with our clients on our ambitious net-zero goals and keep us accountable along the way. Businesses, governments, and individuals working together on the fundamental reshaping of our economies and societies will be critical in achieving these goals and RBC is committed to helping build a cleaner future and bring green solutions to market."
RBC released its Sustainable Finance Framework which outlines the approach the bank takes to measure progress against its commitment to provide $500 billion in sustainable financing by 2025. Sustainable finance solutions provide clients with products and services that contribute to key environmental, social and governance (ESG) objectives.
The bank is also committed to taking action to reduce GHG emissions in its operations and sourcing electricity from renewable and non-emitting sources.
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