Royal Bank of Canada becomes top financier for fossil fuel industry

An annual report on fossil fuel financing by a coalition of campaign groups organised by the Rainforest Action Network found that RBC extended $42.1bn in funding to fossil fuel companies and projects in 2022, including $4.8bn for tar sands. Scotiabank, another Canadian bank, also appeared in the list of the top 10 financiers.

The researchers said Canadian banks were becoming the backstop for fossil fuel financing, potentially picking up the slack for financing projects and companies shunned by lenders in Europe. Canadian banks have provided $862bn to fossil fuel companies since the signing of the Paris Agreement, the study found.