<\/p>\n
Canada\u2019s largest bank retreats from key climate disclosures as it reassesses methodology.<\/p>\n
RBC says it is scrapping its sustainable finance commitment and holding back on other climate disclosures in part because of regulatory changes.<\/p>\n
The bank says in its latest sustainability report that, following an evolution in industry practices, it has concluded that its methodology \u201cmay not have appropriately measured\u201d some of its sustainable finance activities.<\/p>\n
It says its conclusion, as well as amendments to Canada\u2019s Competition Act that set expectations around environmental claims, led to it \u201cretiring\u201d its commitment to facilitate $500 billion of sustainable finance by this year.<\/p>\n
The bank says it also will not be publicly disclosing its findings of how its high-carbon energy financing compares with its financing of low-carbon energy, something it committed to following shareholder pressure, nor how it\u2019s making progress on its commitment to provide $35 billion to low-carbon energy by 2030.<\/p>\n
RBC chief executive Dave McKay says in the report that he\u2019s proud of the bank\u2019s work to measure and monitor its progress, while refining its approach in a shifting external policy, legal and regulatory environment.<\/p>\n
Stand.earth climate finance director Richard Brooks says the scrubbing of data is a disappointing and concerning step backwards by Canada\u2019s biggest bank.<\/p>\n
He says in an email that the apparent backsliding by one of the world\u2019s largest fossil fuel funders shows voluntary measures aren\u2019t working and Prime Minister Mark Carney should accelerate regulatory efforts.<\/p>\n
RBC says in its report that it remains committed to sustainable finance, and to reporting on its climate activities in a clear and transparent manner in compliance with applicable laws.<\/p>\n
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