Royal Bank of Canada

HQ: CA

NZBA withdrawn 2025

Fossil-fuel financing committed in 2024

$34.3B

NZBA pledge vs reality

Pledge signed
2021
NZBA withdrawal
Withdrawn in 2025
Fossil-fuel share of energy financing (2024)
9%

Founding NZBA member April 2021. Withdrew alongside Canadian peer Toronto-Dominion in Q1 2025 amid pressure on North American banks. Fossil financing nearly flat over the pledge period: $35.4B (2021) to $34.3B (2024). Canada's #1 fossil financier; cumulative 2021-2024: $132.4B. Significant exposure to Alberta tar sands and Coastal GasLink LNG corridor.

View loan breakdown (6 items)

Loan breakdown

  • Oil and gas company financing (2024)

    Oil & gas
    $20.6B
    Medium — ~60% of $34.3B per BOCC 2024 RBC mix.

  • Tar sands financing (2024)

    Other
    $5.1B
    Medium — ~15% of 2024 book — RBC is consistently among world's top tar sands financiers per BOCC 2024.

  • LNG and Coastal GasLink-linked financing (2024)

    LNG
    $5.5B
    Medium — ~16% of 2024 book; RBC is a major arranger of Canadian LNG export infrastructure.

  • Pipelines and midstream (2024)

    Pipeline
    $2.4B
    Medium

  • Coal mining and coal power (2024)

    Coal
    $0.3B
    Medium — Reflects RBC's coal restriction policy and small residual exposure.

  • Fracking and other unconventional (2024)

    Other
    $0.4B
    Medium

Fossil Fool

Foolishness score: 9

Show derivation
  1. Withdrew from NZBA Q1 2025Value: 0.85Weight: 0.3[3]
  2. Canada's #1 fossil financier with major tar sands exposureValue: 0.9Weight: 0.3[1]
  3. Cumulative 2021-2024 fossil financing $132.4BValue: 0.8Weight: 0.2[1]
  4. Near-flat pledge-period trajectory (-3.1%)Value: 0.7Weight: 0.2[1]

Formula: RBC scores on tar sands leadership, NZBA withdrawal, and a flat pledge-period trajectory that delivered no meaningful decarbonisation.

Weights version: v1.0

Deep dive: revision history & methodology

Revision history

  1. 1FossilFoolish editorial

    Initial publication. Source: BOCC 2025 league table; Reuters and Globe & Mail NZBA exit coverage Jan 2025.

Edited by: FossilFoolish editorial

Last reviewed:

Source: Banking on Climate Chaos 2025 (BOCC Coalition).

Sources

  1. Banking on Climate Chaos 2025: League Table — Rainforest Action Network et al. (accessed 03 May 2026)
  2. Banking on Climate Chaos 2025: Methodology Overview (p.56-57) — Rainforest Action Network et al. (accessed 03 May 2026)
  3. Canadian Banks Follow U.S. Peers Out of Net Zero Banking Alliance — ESG Today (accessed 05 May 2026)
  4. JPMorgan Leaves Net Zero Banking Group, Completing Departure of Major U.S. Banks — ESG Today (accessed 05 May 2026)
  5. RBC 2024 Sustainability Report — Royal Bank of Canada (accessed 05 May 2026)
  6. RBC Annual Report 2024 — Royal Bank of Canada (accessed 03 May 2026)