Royal Bank of Canada's response to RAN report
[Full response attached]
Given that we have a duty to respect the privacy and confidentiality of our clients, we are providing general comments related to the issues identified in the Report.
We believe climate change is one of the most pressing issues of our age, and as one of the largest global banks, we are striving to make a meaningful contribution to addressing it and the transition to a low carbon economy. Our approach to climate change is central to our business and to our purpose of helping clients thrive and communities prosper.
The transition to net-zero is vitally important, and it must be done in an inclusive manner that brings all sectors and communities along. We need to strive to improve competitiveness and sustainability, while not leaving some segments of the economy and our communities behind or we won’t achieve the support we need to meet these goals...
Our business activities related to lending, investing, and debt and equity underwriting are subjected to a high standard of environmental and social (E&S) due diligence, and climate related risks are included in our approach to E&S risk management. In an effort at providing greater transparency for clients and partners, we recently released our Policy Guidelines for Sensitive Sectors and Activities, which amongst other restrictions, limits our financing to the coal and Arctic oil and gas sectors...
