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Bank
Royal Bank of Canada (RBC)Canada
Active
This profile is actively maintained
Last update: 2023-02-24 00:00:00
Royal Bank Building in Toronto, Canada. Photo: Siqbal via Wikimedia Commons (CC BY-SA 3.0)
Active
This profile is actively maintained
Last update: 2023-02-24 00:00:00
About
| Website | http://www.rbc.com |
| Headquarters |
200 Bay Street
ON M5J 2J5 Toronto
Canada
|
| CEO/chair |
David I. McKay CEO |
| Supervisor | |
| Ownership |
listed on NYSE, SIX Swiss Exchange & Toronto Stock Exchange
Royal Bank of Canada's shareholder structure can be accessed here. |
The Royal Bank of Canada (in French, Banque Royale du Canada, and commonly RBC in either language) was founded in 1864 in Halifax, Nova Scotia and is the largest financial institution in Canada by measured deposits, revenues, and market capitalisation. The bank serves sixteen million clients and has more than 81,000 employees worldwide. The bank offers retail banking, corporate banking and investment banking services.
Sustainability
Commitments
Policies
Voluntary standards
Royal Bank of Canada's most important sustainability commitments can be found at the website sections listed below.
Royal Bank of Canada (RBC) has committed itself to the following voluntary standards:
Dodgy Deals
Royal Bank Of Canada (RBC) is linked to a number of companies and projects that BankTrack considers controversial (so called Dodgy Deals), e.g. as a current or past financier or through an expression of interest. The profiles below provide more details on the nature of Royal Bank Of Canada (RBC)'s link to these deals.
Campaigns
Banks and Climate
The 2022 Banking on Climate Chaos report showed that Royal Bank of Canada provided US$ 201.23 in financing to the fossil fuel industry between 2016 and 2021. Find further details on Royal Bank of Canada fossil fuel portfolio and how it compares to other large banks globally on Fossil Banks No Thanks and in the Banking on Climate Chaos report.
Reclaim Finance tracks the coal, oil and gas policies of financial institutions, including banks, in the Coal Policy Tracker and Oil and Gas Policy Tool. Find further details on their assessment of Royal Bank of Canada fossil fuel policy below.
Banks and Human Rights
BankTrack assessed Royal Bank of Canada in its 2022 Global Human Rights Benchmark, where it achieved 4 points out of 14 and was ranked as a follower. In addition, Royal Bank of Canada scored 0.6 out of 3 on how it responds to alleged human rights violations linked to its finance, which were raised by civil society organisations. More information is detailed in the "Accountability" section of this profile.
Global Human Rights Benchmark 2022
BankLast update
Country
Score
Ranking
Details
Royal Bank of Canada (RBC)
CAN
4
Follower
0
Explanation
Laggard
Follower
Front runner
Leader
0 - 3 points
3.5 - 6.5 points
7 - 10 points
10.5 - 14 points
For more details see this page.
Banks and Nature
Royal Bank of Canada’s policies for forest-risk sectors (beef, soy, palm oil, pulp and paper, rubber and timber) have been assessed by the Forests & Finance coalition, achieving an overall score of 2.8 out of 10 and ranking it as a follower. Royal Bank of Canada achieved a score of 1.9 out of 10 specifically for its policies related to the beef sector and 1.9 out of 10 for its policies related to the palm oil sector. Between 2016 and 2022, Royal Bank of Canada provided USD 71 million in credit to companies operating in these forest-risk sectors and held investments amounting to USD 63 million as of 2022. For more information, see the links below.
Forest & Finance Policy Assessment 2022: Overall scores
BankLast update
Country
Score
Ranking
Details
Royal Bank of Canada (RBC)
2022-09-27
CAN
2.8
Follower
0
Explanation
A bank can obtain a total of 10 points for the quality of its policies. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:
Laggard
Follower
Front runner
Leader
0 - 1 points
1 - 4 points
4 - 7 points
7 - 10 points
For more details see this page.
Forest & Finance Policy Assessment 2022: Beef
BankLast update
Country
Score
Ranking
Details
Royal Bank of Canada (RBC)
2022-09-29
CAN
1.9
Follower
0
Explanation
A bank can obtain a total of 10 points for the quality of its beef policy. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:
Laggard
Follower
Front runner
Leader
0 - 1 points
1 - 4 points
4 - 7 points
7 - 10 points
For more details see this page.
Forest & Finance Policy Assessment 2022: Palm Oil
BankLast update
Country
Score
Ranking
Details
Royal Bank of Canada (RBC)
2022-09-29
CAN
1.9
Follower
0
Explanation
A bank can obtain a total of 10 points for the quality of its palm oil policy. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:
Laggard
Follower
Front runner
Leader
0 - 1 points
1 - 4 points
4 - 7 points
7 - 10 points
For more details see this page.
Tracking the Net Zero Banking Alliance
Royal Bank of Canada is a member of the Net Zero Banking Alliance (NZBA) and has therefore committed to reduce its financed emissions to net zero by 2050; within 18 months of joining the alliance set interim targets for 2030 (or sooner) for high emission priority sectors, and within 36 months set further sector targets; set new intermediary targets every 5 years from 2030 onwards; annually publish data on emissions and progress against a transition strategy including climate-related sectoral policies; and take a robust approach to the role of offsets in transition plans. BankTrack track's implementation of these commitments in the NZBA compliance tracker.
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