RBC’s Local weather Claims Being Investigated by Competitors Bureau

Monetary put up | Barbara Shecter | Oct 12, 2022

Picture: Unsplash/Li-An Lim

The Competitors Bureau has opened an inquiry into Royal Financial institution of Canada’s environmental representations and advertising and marketing following a grievance final summer season that the financial institution’s claims to be a local weather chief had been deceptive due to its continued financing of fossil gasoline tasks.

• Declare:  A gaggle of six people backed by environmental teams together with Ecojustice and Stand.earth accused Canada’s largest financial institution of “greenwashing” by making daring claims about taking motion on local weather change whereas funding tasks such because the Coastal GasLink pure gasoline pipeline in British Columbia.
• Competitors Bureau official saying that the commissioner “has commenced an inquiry.”  The letter mentioned the inquiry “seeks to find out the info referring to allegations that RBC has contravened the Act by making false or deceptive environmental representations.” No timeline or additional particulars had been offered.

See:  A dialog with Catherine McKenna former Minister of the Atmosphere and Local weather Change: Combating greenwashing

• Ecojustice prompt that if the Competitors Bureau’s inquiry finds that RBC’s statements are deceptive and false, the financial institution might be compelled to cease promoting itself as supporting the ideas of the Paris Settlement and aiming to realize net-zero emissions targets by 2050.
• “RBC strongly disagrees with the allegations within the grievance, and believes the grievance to be unfounded and never in keeping with Canada’s local weather plan,” a spokesperson mentioned in an e-mail.
• There may be rising strain from outdoors forces together with regulators, shareholders, and worldwide organizations to handle dangers associated to local weather change. Canada’s largest banks discover themselves in a distinctive place with regards to environmental commitments, provided that corporations within the oilpatch have been longstanding and profitable shoppers.

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