ESG & Investing
RBC Drops Climate Finance Goals, Citing Changes to Competition Law
The Royal Bank of Canada headquarters in Toronto.
Photographer: Laura Proctor/BloombergThis article is for subscribers only.
Just months after pulling out of the world’s biggest climate alliance for banks, Royal Bank of Canada is abandoning its sustainable finance commitments.
RBC, Canada’s biggest bank, cited changes to the country’s Competition Act that restrict the kinds of environmental claims firms can make. The lender, which provided the update in its sustainability report on Tuesday, also pointed to “evolving” methodologies in general.