Climate change is one of the most pressing issues of our age. It’s a primary concern of our employees, clients, many shareholders and the public, including the youngest generations who are, in many regards, leading the conversation.
There is general agreement on the reality of a warming climate and the various causes of climate change. But talking about the way forward has done more to divide than unite our efforts to mitigate carbon emissions.
Coming together starts with a common vision – one that is economically beneficial and politically acceptable to Canadians. RBC will elevate its efforts to convene leaders, and act as a catalyst for meaningful change.
This year, RBC announced a business target of $100 billion in sustainable financing by 2025. These funds will support investments in sustainable companies and projects that today are widely recognized as contributing to the low-carbon, sustainable economy of the future. We’re also committed to advancing the way we assess climate-related risks, provide climate-related disclosures and support our clients in this pursuit.
In doing so, we must be pragmatic. Fossil fuels will continue to be the primary source of energy to warm our homes, cook our meals, and travel to and from work over the next decade. Moreover, global energy demand will continue to rise which is, in part, the result of a growing population. Canada needs to meet this demand by selling our oil and gas overseas, where we can derive a premium for our goods and, in turn, generate public monies to invest further in clean energy and, more broadly, social programs. Indeed, our oil and gas sector already stands out as an investor in clean tech – let’s build on its momentum so that the industry plays a central role in the transition to a low-carbon economy in Canada and around the world.