(Toronto) RBC announces its intention to disclose a climate measure that the New York City comptroller is pushing it to adopt.
President and CEO Dave McKay said in an interview that the bank plans to disclose the ratio of its clean energy financing to its fossil fuel financing in its next climate report.
This measure, launched by the BloombergNEF research group, emerged as a particularly clear indicator of the progress of bank financing activities in climate solutions compared to the status quo.
New York City pension funds pushed a shareholder resolution for RBC to adopt the measure, which the bank’s board rejected as premature.
Mr. McKay now considers this an important indicator and says it is something the bank measures internally.
BloombergNEF calculated in its latest report that RBC provided $0.37 in clean energy financing for every dollar spent on fossil fuels.