Canada’s largest bank is putting new restrictions on lending to some fossil fuel developments.
In a release today, RBC says it won’t lend money to new coal-fired power generation, thermal coal mines or coal mines that require mountaintop removal.
The bank says it won’t finance clients that get most of their revenue from coal-fired power generation or thermal coal mines.
Financing Arctic oil exploration will have to be approved by a special committee and no financing will be provided to oil drilling on Alaska’s Arctic National Wildlife Refuge.
Environmental groups are praising the bank’s decision to not back drilling in the sensitive Alaska reserve.
But others have pointed out that RBC remains Canada’s top financer of oil, gas and coal.
This report by The Canadian Press was first published Oct. 2, 2020.
The Canadian Press
