Royal Bank of Canada, criticized on climate, seeks executive to tackle issue

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Royal Bank of Canada, criticized on climate, seeks executive to tackle issue
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Royal Bank of Canada , facing criticism from climate activists for its lending to oil and gas companies, is creating a new position in its senior executive ranks to implement an effective response to climate issues.

A sign for the Royal Bank of Canada in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio/File Photo, facing criticism from climate activists for its lending to oil and gas companies, is creating a new position in its senior executive ranks to implement an effective response to climate issues.

Climate and indigenous rights activists have protested against RBC's funding of fossil fuel projects, including TC Energy Corp's Environmental groups have also asked Canada's Competition Bureau to reject RBC's C$13.5 billion takeover of HSBC's Canada business saying the deal would limit sustainable choices for consumers and increase climate risks in the country.

An annual bank report card by Investors for Paris Compliance, an organization that holds companies accountable to their net zero commitments, in July said that RBC led fossil fuel lending and underwriting in Canada last year with C$54.8 billion , a 4% rise from 2021.

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