Royal Bank of Canada (RBC) has been highlighted in Financial Transparancy Norway’s report on banks implicated in violations of human and indigenous peoples’ rights, climate change, deforestation and biodiversity loss. RBC has received financial sanctions for violation of human and indigenous people’s rights, and the bank ranks as the second-largest financier of fossil fuels in the Arctic, after JPMorgan Chase. Environmental groups analysed financial data from Bloomberg LP, estimating that RBC is the 25th-largest funder of coal power generation in the world and the fifth-largest global financier of fossil fuel projects from 2016 to September 2021. In response, RBC spokesperson Adam Lister has stated that the bank is committed to achieving the targets set out in the 2021 ” Banking on Climate Chaos” report. RBC is now in the process of putting a virtual block on its investment in coal projects. The bank is also facing calls to establish firm targets to reduce the financing it provides to the oil and gas and power generation sectors by 2030, but it continues to reject such proposals because of concerns over commodity price fluctuation.
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