Royal Bank Of Canada Commits To Net-zero Emissions By 2050 In Its Lending

(RTTNews) - Royal Bank of Canada (RY, RY.TO) announced Thursday progress on its climate strategy with an increased commitment to mobilize $500 billion in sustainable finance by 2025. RBC's initial commitment of $100 billion in sustainable financing was achieved in 2020.

RBC also commits to net-zero emissions in its lending by 2050 and signs on as a member of Partnership for Carbon Accounting Financials (PCAF) and the RMI's Center for Climate-Aligned Finance.

As part of delivering on its enterprise climate strategy, last year RBC convened an executive-led Climate Working Group, focused on the development of climate-related products & services, risk management frameworks, research & partnerships as well as thought-leadership.

RBC will share more information on climate-related commitments and performance in its 2020 ESG Performance Report and 2020 Task Force on Climate-related Financial Disclosures Report in early April.