Response by Royal Bank of Canada
RBC supports the principles of the Paris Agreement... 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... we’re supporting [this history] with a clear new business target: $100 billion in sustainable financing by 2025. This goal supports investments in sustainable companies and projects that today are widely recognized as contributing to the low carbon, sustainable economy of the future... 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... we support the safe and responsible development of energy resources and evaluate projects against international standards and our own enhanced due diligence frameworks... for prospective and existing clients... 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 highly value the relationship we have with Indigenous peoples and clients. We believe that resource development projects need to be done in a transparent and inclusive manner.... practices continue to evolve and we take stakeholder input seriously. We are committed to advancing our risk management processes as we learn from the experiences of our peers and feedback shared by stakeholders.