Royal Bank of Canada faces scrutiny for funding fossil fuel projects

RBC is under fire for its continued financing of fossil fuel projects, despite its public stance on climate change and support for Indigenous rights.

Carl Meyer reports for The Narwhal.

In short:

• RBC president David McKay claimed the bank is a leader in addressing climate change, but it remains the top fossil fuel financier among Canada's big five banks.
• Jocey Alec, a Wet’suwet’en land defender, confronted RBC about its role in the Coastal GasLink pipeline but was cut off after 11 seconds at a shareholder meeting.
• After pressure from New York City, RBC agreed to disclose its financial ties to fossil fuel projects compared to clean energy sources.

Key quote:

"I feel like they do get the message, but they just don’t want to acknowledge their complicity on what they’re funding."

— Jocey Alec, Wet’suwet’en land defender

Why this matters:

RBC's financing decisions have significant environmental and social implications, particularly for Indigenous communities opposing fossil fuel projects. Public scrutiny and shareholder pressure could push the bank to more transparent and sustainable practices.