Royal Bank of Canada
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OVERALL |
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Owned |
CAN |
Rating |
N/A |
Banking and financial services
Canada's largest bank.
Royal Bank of Canada | CAN | website |
Company Assessment
PRAISE | CRITICISM | INFORMATION | ||
Royal Bank of Canada | ||||
This company received an S&P Global ESG Score of 71/100 in the Banks category of the S&P Global Corporate Sustainability Assessment, an annual evaluation of companies' sustainability practices (last updated 23 Sep 2022). The rankings are based on an analysis of corporate economic, environmental and social performance, assessing issues such as corporate governance, risk management, environmental reporting, climate strategy, human rights and labour practices.
Source: S&P Global (2022) |
The 2021 report "Banking on Climate Chaos" analyses the world's 60 largest banks and their financing of tar sands oil, Arctic oil, offshore oil and gas, LNG, coal mining, and coal-fired power between 2016 and 2020. This bank invested US$160.1 billion between 2016 and 2020, making it the world's 5th worst fossil fuel funder.
Source: RAN (2021)
Forest 500 identifies the 350 companies and 150 financial institutions with the greatest exposure to tropical deforestation risk, and annually assesses them on the strength and implementation of their deforestation and human rights commitments. This financial institution received a score of 5%.
Source: Forest 500 (2022)
The 2018 update of the International Campaign to Abolish Nuclear Weapons' (ICAN) global report, "Don't Bank on the Bomb" showed that 329 financial institutions from around the world invested into 20 companies involved in the production, maintenance and modernization of nuclear weapons. Since 2014 this financial institution invested over US$3 billion into 10 of the 20 nuclear weapons producers named in the report.
Source: ICAN (2018)
In 2015 the Fair Finance Guide ranked the top financiers of selected fossil fuels companies (loans & underwriting) and compared it to their financing of renewable energy. This bank provided US$17.7 billion for fossil fuels and only US$1.8 billion for renewable energy between 2009 and 2014.
Source: Fair Finance (2015)
This bank is the world's 41th largest provider of loans and underwriting for single-use plastic polymer production, according to Minderoo Foundation's 2021 Plastic Waste Makers Index. Institutional asset managers and global banks are providing billions of dollars to companies that produce polymers from fossil fuels, as much as 100 times more than they provide to companies trying to shift to a circular economy. Plastic pollution is one of the biggest, most urgent threats facing our planet and our health.
Source: Minderoo Foundation (2021)
The 2022 Financial System Benchmark ranks 400 financial institutions across three measurement areas: governance and strategy, respecting planetary boundaries (environment, climate and biodiversity) and adhering to societal conventions (human rights). This company ranked #107/400, with a total score of 19/100.
Source: World Benchmarking Alliance (2022) |
Public Eye Awards are given to companies with the worst record in terms of environmental pollution and human rights violations. The Royal Bank of Canada received the award in 2010 for facilitating the extraction of oil from tar sands in Canada. [Listed under Information due to age of report]
Source: Berne Declaration (2010)
RBC appeared at #1 in a list of banks backing expansion in the tar sands. They have loaned US$16.9 billion to companies operating in the Canadian tar sands since 2007, according to Bloomberg. Extracting oil from tar sands produces between 3 and 5 times the greenhouse gas pollution of conventional oil production, pollutes water, destroys forests, and uses huge amounts of energy to process. [Listed under Information due to age of report]
Source: RAN (2010)
The Equator Principles (EPs) are a set of guidelines, based upon the Performance Standards and guidelines from the IFC, the World Bank's private sector lending arm for private banks to assess and mitigate risks in project finance. Banks use the Principles to guide internal operating procedures for transaction for specific projects. Although the EPs are an important step to raise overall standards of financiers and projects in the developing world, they currently fall short on transparency and governance requirements.
Source: Equator Principles (2018)
In 2022, the Carbon Disclosure Project (CDP) asked companies to provide data about their efforts to reduce greenhouse gas emissions and mitigate climate change risk. Responding companies are scored across four key areas: disclosure; awareness; management; and leadership. This company received a CDP Climate Change Score of C.
Source: CDP (2022)
California, the UK and Australia have all enacted legislation requiring companies operating within their borders to disclose their efforts to eradicate modern slavery from their operations and supply chains. Follow the link to see this company's disclosure statement.
Source: company website (2017)
This company received a score of 54.9/100 in the Newsweek Green Ranking 2017, which ranks the world's largest publicly traded companies on eight indicators covering energy, greenhouse gases, water, waste, fines and penalties, linking executive pay to sustainability targets, board-level committee oversight of environmental issues and third-party audits. Ranking methodology by Corporate Knights and HIP Investor.
Source: Newsweek (2017)
BankTrack is a global network of civil society organisations and individuals tracking the operations of the banking sector and the activities they finance. BankTrack aims to promote fundamental changes in the banking sector so that banks adopt just and sustainable business practices. Follow the link to see this bank's profile.
Source: BankTrack (2018) |
Company Details
Type | Public company |
Revenue | 36 billion USD (2011) |
Employees | 74,000 (2011) |
Contact Details
Address | Toronto, Ontario, Canada |
Website | www.rbc.com |