rbc-climate-gs1012The Competition Bureau has opened an inquiry into Royal Bank of Canada’s environmental representations and marketing following a complaint last summer that the bank’s claims to be a climate leader were misleading because of its continued financing of fossil fuel projects. Marie-Christine Vézina, a senior communications adviser at the Competition Bureau, confirmed Wednesday afternoon that the bureau launched an investigation “into the Royal Bank of Canada’s alleged deceptive marketing practices” following receipt of the application sent by the six individuals. “RBC strongly disagrees with the allegations in the complaint, and believes the complaint to be unfounded and not in line with Canada’s climate plan,” a spokesperson said in an email. Canada’s largest banks find themselves in a unique position when it comes to environmental commitments, given that companies in the oilpatch have been longstanding and lucrative clients. RBC chief executive Dave McKay has rejected calls for outright divestiture from oil and gas projects, and has urged governments to step up with tax policies and incentives to spur private investment in the energy transition.

Source: National Post October 12, 2022 23:10 UTC