RBC raises renewable funding target, reports little progress on oil and gas emissions

Royal Bank of Canada plans to ramp up its renewable energy funding, even as it also reported little progress on reducing the emissions intensity of its oil and gas financing.

Royal Bank of Canada plans to ramp up its renewable energy funding, even as it also reported little progress on reducing the emissions intensity of its oil and gas financing.

In its latest annual climate report Wednesday, the bank set a goal to triple renewable energy funding to $15 billion by 2030 and said it plans to direct $1 billion to climate solutions by the end of the decade.

RBC has also created its own "decarbonization finance" category to help direct funding, as progress on creating industry-wide green finance standards remains stuck at the federal government.