RBC agrees to disclose key climate metric on energy funding
Posted April 3, 2024 12:06 pm.
Last Updated April 3, 2024 6:22 pm.
RBC says it plans to disclose a key climate metric that the New York City Comptroller has been pushing it to adopt.
Chief executive Dave McKay says in an interview that the bank plans to disclose the ratio of how its clean energy funding compares with its fossil fuel financing in its next climate report.
The measure, pioneered by research group BloombergNEF, has emerged as an especially clear indicator of how bank funding stacks up on climate solutions compared with the status quo.
New York pension funds had pushed in a shareholder resolution for RBC to adopt the measure, something the bank’s board of directors had rejected as premature.
McKay now says the bank thinks it’s an important metric going forward and something the bank measures internally.
BloombergNEF calculated in its latest report that RBC provided 37 cents in clean energy funding for every dollar it directed to fossil fuels.
