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KONTAN.CO.ID – TORONTO. The Royal Bank of Canada (RBC), one of the largest banks in Canada, managed to become the world’s largest fossil fuel financier in 2022. RBC even surpassed JPMorgan in the amount of capital injected.

The Banking on Climate Chaos report released Thursday (4/13) shows RBC overtook JPMorgan Chase for the first time since 2019.

Reported AlJazeeraRBC is contributing $42.1 billion to these companies, according to a new report from a coalition of environmental groups.

RBC, which is one of the “Big 5” banks in Canada, has contributed US$254 billion to fossil fuel companies since the creation of the Paris Accord, a global climate agreement that came into force in 2016.

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“JPMorgan Chase maintains its overall ranking of the worst fossil fuel bank since 2016, after pledging to enforce the $434 billion Paris Agreement,” said the Banking on Climate Chaos report compiled by the Rainforest. Action Network, Sierra Club and other environmental organizations. organizations.

For years, climate activists have called on major financial institutions around the world to withdraw their support for fossil fuel companies in order to tackle the climate crisis.

Indigenous communities across Canada have continued to exert similar pressure on banks, particularly to withdraw money from controversial pipeline projects, including the Coastal GasLink pipeline that will cross the Wet’suwet’en region on the coast. western Canada.

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RBC President and CEO Dave McKay of course defended the bank’s financial support for Coastal GasLink, saying the project had been reviewed and approved by regulators.

For AlJazeera, RBC blatantly denies the Banking on Climate Chaos report and says its authors did not validate their figures or findings directly with RBC.

“This report does not measure progress towards our climate goals. We are confident in our continued engagement with our clients and in our climate strategy, including setting initial interim emission reduction targets for lending in 3 key sectors,” RBC said.