The head of the Royal Bank of Canada argued on Thursday that an “orderly transition” to a carbon-neutral economy was crucial, as he faced questions and criticism over the bank’s climate strategy and of its ongoing fossil fuel funding at its annual meeting of shareholders.
“We can’t fail on this journey,” said CEO Dave McKay.
Royal Bank, which is Canada’s largest fossil fuel lender, has been criticized for not moving fast enough on its carbon neutral activities.
Dave McKay was also questioned on several issues, including the effects of oil sands extraction and the Coastal GasLink pipeline project.
The Royal Bank is acting as financial advisor to the pipeline project and also providing working capital. Wet’suwet’en hereditary chiefs, who do not support the pipeline, traveled to Toronto to ask questions about the bank’s funding, but were not satisfied with the answers.
Despite opposition, McKay said the majority of Indigenous communities support the pipeline. All 20 Indigenous groups along the route approve of the project.
” [Le pipeline] presents very significant economic growth and opportunity for the communities it passes through,” he said.
Meanwhile, in the text of his prepared remarks, McKay highlighted Royale’s commitment to reducing global emissions from its operations by 70% by 2025.
McKay said the bank was working closely with clients on their carbon neutral strategies and intended to release emissions reduction targets for its oil and natural gas, utilities and energy portfolios this fall. car.