ESG & Investing
NYC Pensions Reach Deal With RBC on Green-Funding Disclosure
- City retirement plans agree to withdraw shareholder proposal
- Other banks still face call to disclose clean-financing ratio
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New York City retirement plans reached an agreement with Royal Bank of Canada for the lender to disclose how much financing it provides for clean-energy projects relative to fossil fuels.
Canada’s largest bank is the third financial giant to agree to begin disclosing the ratio after New York Comptroller Brad Lander and the city’s public-pension boards filed shareholder resolutions with six banks in January. The proposal was set to be voted upon at Toronto-based Royal Bank’s annual meeting next week.