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Company Response

RBC's response

[Full response attached]

...We believe climate change is one of the most pressing issues of our age, and RBC has responded with a strategy, the RBC Climate Blueprint, aimed at helping clients and communities transition to a low-carbon economy because we believe that capital can be a force for positive change. Details on our climate change governance, strategy, risk management approach and metrics can all be found in our recent publication, the 2019 RBC Task Force on Climate-related Financial Disclosures Report...we have a clear new business target: $100 billion in sustainable financing by 2025...we have a long history of managing our own carbon footprint and have made a commitment to achieving net-zero carbon emissions in our global operations, annually...as we move forward in transitioning to a low-carbon economy, we must be mindful of the fact that the world will rely on natural resources and traditional sources of energy for decades to come. We also recognize the important need to continue to direct capital flows to our natural resource and energy sector clients for innovation and clean technologies that will help reduce emissions and emissions intensity...for prospective and existing clients with business activities that may pose environmental or social issues, there is a rigorous process in place to identify and assess any associated risks, and if we pursue or maintain the business relationship, we ensure appropriate steps are taken to mitigate those risks...We are developing a human rights statement informed primarily by the UN Guiding Principles on Business and Human Rights, which we will publish on our website by fiscal year end (October 31, 2020)...

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