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Newsletter
Royal Bank of Canada faces scrutiny for funding fossil fuel projects

Royal Bank of Canada faces scrutiny for funding fossil fuel projects

RBC is under fire for its continued financing of fossil fuel projects, despite its public stance on climate change and support for Indigenous rights.

Carl Meyer reports for The Narwhal.

In short:

  • RBC president David McKay claimed the bank is a leader in addressing climate change, but it remains the top fossil fuel financier among Canada's big five banks.
  • Jocey Alec, a Wet’suwet’en land defender, confronted RBC about its role in the Coastal GasLink pipeline but was cut off after 11 seconds at a shareholder meeting.
  • After pressure from New York City, RBC agreed to disclose its financial ties to fossil fuel projects compared to clean energy sources.

Key quote:

"I feel like they do get the message, but they just don’t want to acknowledge their complicity on what they’re funding."

— Jocey Alec, Wet’suwet’en land defender

Why this matters:

RBC's financing decisions have significant environmental and social implications, particularly for Indigenous communities opposing fossil fuel projects. Public scrutiny and shareholder pressure could push the bank to more transparent and sustainable practices.

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Newsletter
Investment firms face challenges under new EU sustainable rules

Investment firms face challenges under new EU sustainable rules

The EU's new regulations for sustainable investing will force many investment firms to either rename thousands of funds or divest $40 billion in assets.

Mathilde Augustin reports for Inside Climate News.

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Newsletter
GOP accuses Wall Street firms of climate collusion

GOP accuses Wall Street firms of climate collusion

House Republicans released a report accusing major investment firms of colluding with climate groups to push for environmentally friendly investing, sparking a new controversy over ESG practices.

Rachel Frazin reports for The Hill.

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Investment in clean energy to overtake fossil fuel spending in 2024

Investment in clean energy to overtake fossil fuel spending in 2024

The International Energy Agency reports that global investment in clean energy will hit $2 trillion in 2024, with solar power receiving the most funding.

Nina Chestney reports for Reuters.

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Newsletter
US banks facilitate clean energy transition through municipal bond market

US banks facilitate clean energy transition through municipal bond market

The use of municipal bonds to finance clean energy initiatives is gaining traction, enabling significant savings for towns and communities in their pursuit of renewable energy goals.

Meg Duff reports for Capital & Main.

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Newsletter
Bill McKibben: Is the fight against climate change losing momentum?

Bill McKibben: Is the fight against climate change losing momentum?

A recent report suggests financial institutions are stepping back from emission pledges, potentially hindering efforts to combat climate change.

Bill McKibben writes for The New Yorker.

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Credit: Sigmund/Unsplash

Santander eases its climate policies amid gas project funding

In a revealing investigation, Santander Bank is shown to have adjusted its environmental guidelines to facilitate the financing of controversial gas projects.

Nimra Shahid and Rob Soutar report for The Bureau of Investigative Journalism.

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