RBC's dropping of its 'net zero' finance targets came just one day after the Liberal Party under Mark Carney was re-elected in Canada.
(LifeSiteNews) –– Just one day after the re-election of the Liberal Party under Mark Carney, the Royal Bank of Canada joined the growing list of top banks withdrawing from a United Nations-backed “net zero” alliance that supports the eventual elimination of the nation’s oil and gas industry in the name of “climate change.”
The Royal Bank of Canada (RBC) on Tuesday quietly dumped its UN-backed Net-Zero Banking Alliance (NZBA) sustainable finance targets, which called for banks to come in line with the push for net-zero carbon emissions by 2050. The NZBA is a subgroup of the Glasgow Financial Alliance for Net Zero (GFANZ), which Carney was co-chair of until recently.
RBC's departure comes despite the fact that it was one of the NZBA’s founding members.
RBC joins Toronto-Dominion Bank (TD), Bank of Montreal (BMO), National Bank of Canada, and the Canadian Imperial Bank of Commerce (CIBC) who earlier in the year said they were withdrawing from the NZBA.
The bank announced the move away from a green agenda in its 2024 sustainability report, noting it would no longer look to pursue a $500 billion sustainable finance goal. It cited changes to Canada’s federal Competition Act as the reason.
The changes to the act, known as the “greenwashing law,” now mandate that companies provide proof of their environmental claims.
“We have reviewed our methodology and have concluded that it may not have appropriately measured certain of our sustainable finance activities,” noted RBC in its report.
RBC also noted it would not make public any of its metrics regarding its energy supply ratio.
Monday’s election saw Liberal leader Carney beat out Conservative rival Poilievre, who also lost his seat. The Conservatives managed to pick up over 20 new seats, however, and Poilievre has vowed to stay on as party leader, for now.
Carney worked as the former governor of the Bank of Canada and Bank of England and spent many years promoting green financial agendas.
The GFANZ was formed in 2021 while Carney was its co-chair. He resigned from his role in the alliance right before he announced he would run for Liberal leadership to replace former Prime Minister Justin Trudeau.
Large U.S. banks such as Morgan Stanley, JPMorgan Chase & Co, Wells Fargo and Bank of America have all withdrawn from the group as well.
Since taking office in 2015, the Liberal government, first under Trudeau and now under Carney, has continued to push a radical environmental agenda in line with those promoted by the World Economic Forum’s “Great Reset” and the United Nations’ “Sustainable Development Goals.” Part of this push includes the promotion of so called net-zero energy by as early as 2035.
