The Royal Bank of Canada (RBC) has committed to several significant initiatives as part of its approval process for a recent deal. These commitments include creating new jobs in Canada, donating 1% of its net income before taxes to communities, and financing the construction of new housing in the country. Additionally, RBC is facing challenges in its efforts to adopt greener practices, particularly in balancing its financing between oil projects and clean energy, as it struggles to go green. The bank's CEO mentioned that City National, part of RBC, would be a net contributor to their goals. In a move towards greater transparency and accountability in the banking sector, RBC, along with JPMorgan and Citi, has agreed to publicly disclose the ratio of financing it provides to low-carbon energy projects compared to fossil fuels. This agreement was reached with New York City retirement plans, setting a new standard for banks in North America.
Citi, JPMorgan, RBC to give new climate metric in deals with New York City https://t.co/lWpVYvgjkb https://t.co/EjLMxJXzmm
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. https://t.co/SQM7jTMexP
⚠️ CITI, JPMORGAN, RBC TO GIVE NEW CLIMATE METRIC IN DEALS WITH NEW YORK CITY Full Story → https://t.co/BLkkLRgKEx https://t.co/7bIct900IS
3 of the biggest banks in North America (@jpmorgan, @Citi, and @RBC) agreed to publicly disclose their financing ratio of low-carbon energy to fossil fuels, after reaching agreement with NYC pension funds. This sets a new standard for the banking sector! https://t.co/JhsBEAa2Nt
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. https://t.co/xokJcWoAtP
Canadian lender RBC's CEO says City National will be a 'net contributor' https://t.co/LujwysmQa2 https://t.co/AVcxLnFStM
Canada’s RBC struggles to go green while financing oil https://t.co/09jKe03Uih
Approval of the deal required RBC to commit to creating new Canadian jobs, continuing to donate 1% of net income before taxes to communities, and financing the construction of new housing in Canada. https://t.co/VPYRn9Ws89