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2023-03-17 00:00:00
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Home › Banks ›
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
Superintendent of Financial Institutions (OSFI)
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.

Links

Community and social impact

ESG policies and statements

2022-10-26 00:00:00

Sustainability finance framework

Bank policy
2022-10-26 00:00:00 | Royal Bank of Canada
2022-04-30 00:00:00

Modern Slavery and Human Trafficking Statement

Bank policy
2022-04-30 00:00:00 | Royal Bank of Canada
2022-01-01 00:00:00

Code of Conduct

Bank policy
2022-01-01 00:00:00 | Royal Bank of Canada
2021-12-31 00:00:00

Our Commitment to the Net-Zero Banking Alliance

Bank policy
2021-12-31 00:00:00 | Royal Bank of Canada
2021-02-26 00:00:00

Environmental and social risk management

Date listed represents date as accessed on website
Bank policy
2021-02-26 00:00:00 | Royal Bank of Canada
2020-11-03 00:00:00

Human rights position statement

Bank policy
2020-11-03 00:00:00 | RBC
2020-09-14 00:00:00

Policy guidelines for sensitive sectors and activitities

Bank policy
2020-09-14 00:00:00 | Royal Bank of Canada
2020-02-07 00:00:00

Global approach to anti-money-laundering (AML)

Bank policy
2020-02-07 00:00:00 | Royal Bank of Canada
2020-01-27 00:00:00

Supplier Code of Conduct

Bank policy
2020-01-27 00:00:00 | Royal Bank of Canada
2019-11-25 00:00:00

Climate Blueprint

Bank policy
2019-11-25 00:00:00 | Royal Bank of Canada
2019-03-05 00:00:00

Environmental policy

Bank policy
2019-03-05 00:00:00 | Royal Bank of Canada
2018-01-31 00:00:00

Climate change position & disclosure statement 2017

Bank policy
2018-01-31 00:00:00 | Royal Bank of Canada
Royal Bank of Canada (RBC) has committed itself to the following voluntary standards:
Carbon Disclosure ProjectTags: carbon | climate change | greenhouse gas emissions
Dow Jones Sustainability IndicesTags: sustainable development | transparency
Equator PrinciplesTags: Equator Principles | project finance | corporate social responsibility | sustainable development
Global Reporting InitiativeTags: sustainable development | human rights
Net-Zero Banking Alliance (NZBA)Tags: climate change | corporate social responsibility | energy | energy plants
Partnership for Carbon Accounting Financials (PCAF)Tags: carbon | corporate social responsibility
Principles for Responsible Investment (PRI)Tags: corporate social responsibility | sustainable development | United Nations
Sustainability Accounting Standards BoardTags: corporate social responsibility | sustainable development
Task Force on Climate-related Financial Disclosures (TCFD)Tags: corporate social responsibility | finance
UNEP Finance InitiativeTags: United Nations | sustainable development
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
Canada
Score
Follower
4
Explanation

Royal Bank of Canada (RBC)'s human rights policies, processes and reporting were assessed as part of the BankTrack Global Human Rights Benchmark 2022. The bank is assessed as a Follower, with a total score of 4 out of 14.

Policy: 2.5/3
Due dilligence: 0.5/5
Reporting: 0.5/3
Remedy: 0.5/3


Response Tracking:
The bank was also assessed on its responses to instances of alleged human rights violations linked to its finance, raised by civil society organisations, for which it received an average score of 0.6/3. See the Response Tracking section of this profile for more details.

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
Canada
Profile
Score
Follower
2.8
20220927
Last update: 2022-09-27
Explanation

The policy assessment covers the main forest-risk commodity sectors (Beef, Palm Oil, Soy, Timber, Pulp and Paper, and Rubber). Weighted scores are based on the scope of Royal Bank of Canada (RBC)' relevant policies, taking into account different types of financing and the sectors in which the bank is active. Details about the scores per sector policy can be found on Royal Bank of Canada (RBC)' profile

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
Canada
Profile
Score
Follower
1.9
20220929
Last update: 2022-09-29
Explanation

The policy assessment covers the bank's policies related to beef. Weighted scores are based on the scope of ABN AMRO's relevant policies, taking into account what types and how much finance the bank provides to companies active in the beef industry. Details of the criteria used to assess the policies and scores for other forest-risk commodity sectors can be found on Royal Bank of Canada (RBC)' profile

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
Canada
Profile
Score
Follower
1.9
20220929
Last update: 2022-09-29
Explanation

The policy assessment covers the bank's policies related to palm oil. Weighted scores are based on the scope of ABN AMRO's relevant policies, taking into account what types and how much finance the bank provides to companies active in the palm oil industry. Details of the criteria used to assess the policies and scores for other forest-risk commodity sectors can be found on Royal Bank of Canada (RBC)' profile

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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RBC fossil fuel expansion funding jumped 45% last year to US$10.8B: report

2023-03-22 | Financial Post