RBC Takes Top Spot as World's Largest Fossil Fuel Financier

Royal Bank of Canada (RBC) has been named the world's largest financier of fossil fuels, contributing $42.1bn to such companies last year, according to a report by a coalition of environmental groups. RBC has contributed $254bn to fossil fuel companies since the Paris Agreement. Climate activists have called on major financial institutions to divest from fossil fuel companies to address the climate crisis. RBC's CEO has defended the bank's support for the Coastal GasLink pipeline, but Indigenous communities have called on major banks to pull their money out of contentious pipeline projects.