Royal Bank of Canada Was World’s Top Fossil Fuel Financer in 2022, According to New Report

Every major bank in Canada ranked among the top twenty fossil fuel financers in the world last year, according to a new report.

Titled Banking on Climate Chaos, the report has been put together by a coalition of environmental groups each year since 2019.

For the first time in the report’s history, JP Morgan Chase was not the world’s top fossil fuel funder, being beaten out by the Royal Bank of Canada.

According to the report, RBC spent over $42 billion on fossil fuels projects in 2022.

That info comes less than a week after the Wet’suwet’en Hereditary Chiefs say they were denied access to the main room at RBC’s annual general meeting.

They had obtained proxies to attend the event, in the hopes of convincing the bank to divest in the Coastal GasLink pipeline on their territory.

But RBC wasn’t the only Canadian bank to make the list, with Scotiabank, TD Bank, the Bank of Montreal, and CIBC all ranking in the top 20.

You can find the full report, which looks at the top 60 fossil fuel financers, at this link.