(March 24, 2001; Toronto, ON) Today a network of groups launched “RBC Revealed” to inform Canadians, investors, and shareholders about the misleading environmental claims of Canada’s largest bank, which continues to funnel billions into fossil fuels.
The launch comes the same day as new global data from Rainforest Action Network and partners reveals the extent of RBC’s and other Canadian big banks’ fossil fuel financing. In Banking on Climate Chaos, the respected annual global ranking of banks financing fossil fuels shows that since the Paris Climate Agreement, RBC has financed C$208 billion in fossil fuels, with the big five Canadian banks collectively financing C$726 billion, including C$299 billion in expansion projects.
“By continuing to provide project-critical financing to projects such as Enbridge’s Line 3, RBC is directly trampling upon the rights of First Nations peoples that have been recognized and affirmed through the UN Declaration on the Rights of Indigenous Peoples, including that of Free, Prior and Informed Consent,” stated Kukpi7 Judy Wilson, Secretary-Treasurer of the Union of BC Indian Chiefs. “RBC must be accountable to their direct contributions to the endangerment of Indigenous Title and Rights, health, and welfare by immediately adopting the principle of FPIC and taking substantive action to stop funding industrial megaprojects that do not have Indigenous consent.”