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| Overall Assessment |
Comment |
Score |
| Strong |
Royal Bank of Canada provides detailed information on several specific lobbying mechanisms, including its participation in a “pilot project to use scenario analysis and stress testing” with the Bank of Canada and the Office of the Superintendent of Financial Institutions (OSFI), its formal submission when it “responded to the U.S. Securities and Exchange Commission’s (U.S. SEC) request for information on climate change disclosures issued in March 2021,” and its “provided consultation to the federal and Ontario governments” on carbon, climate, clean innovation, sustainable finance and green banks. It also notes indirect engagement via industry bodies, such as the Canadian Bankers Association and the Canadian Standards Association. RBC identifies particular policy engagements by name or focus—most notably its efforts “lobbying for superior building standards across Canada, including improved standards for building energy efficiency” and its support for “improved climate-related financial disclosure aligned with the TCFD recommendations”—demonstrating clarity about the policies it targets. On outcomes, the bank outlines concrete objectives, including establishing a transparent, voluntary carbon market, compensating farmers for carbon sequestration, and creating market incentives for biodigesters, alongside seeking stronger disclosure regimes. Taken together, these disclosures reflect a strong commitment to transparency around its climate lobbying activities.
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3
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| Overall Assessment |
Comment |
Score |
| Limited |
RBC’s disclosures indicate that it has established high-level commitments to integrate climate considerations into its advocacy, describing its Climate Blueprint as “our enterprise climate change strategy to accelerate clean economic growth and support our clients in an inclusive transition to a net-zero economy,” and noting that under Pillar 2 – “Hold ourselves accountable” – it will “partner with industry peers, standard setting bodies, governments, and other stakeholders to advance shared methodologies, accounting frameworks, and disclosure best practices,” including “engaging with government entities on policy, law or regulation that may impact climate.” RBC also maintains an “enterprise policy on lobbying” which “requires that appropriate processes and controls be put in place to ensure these contacts comply with the applicable rules, regulations and internal requirements,” and acknowledges its membership in associations while clarifying that “membership in, or financial support of, these various groups does not mean that RBC supports every position taken by these organizations or their other members,” and that “where these positions differ from those of RBC, we are committed to voicing our views as appropriate through our employees who serve on the boards and committees of these groups or publicly as necessary.” However, the company does not disclose any specific procedures for reviewing or monitoring how its direct and indirect lobbying activities are aligned to its climate objectives, nor does it name any individual or formal body responsible for overseeing this alignment, indicating limited transparency around the governance of its climate lobbying efforts.
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1
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