Campaign for Climate Action
Stop the Royal Bank of Climate Change
Fossil Fuels are Harming Our Planet and Our Communities.
California is one of the top five states experiencing the most economic impact from climate-related natural disasters, with losses ranging from $30 billion to $90 billion from 2018 to 2022. Additionally, addressing idle and uncapped oil wells will cost state taxpayers upward of $6.9 billion. Research indicates that the Royal Bank of Canada is a major financier of fossil fuel operations not only in California, but globally.
Why Royal Bank of Canada?
Royal Bank of Canada is one of the biggest culprits and an outlier in the financing of fossil fuels which accelerates climate change. Since the Paris Agreements, RBC consistently ranks among the worst fossil fuel financiers, ranking as high as banks with twice as many total assets like JP Morgan Chase. Since the Paris Accords, RBC has provided nearly $68 billion in financing to eight companies that are among the largest emitters of greenhouse gasses in California. And it's subsidiary, City National Bank, has been hit with redlining complaints in BIPOC neighborhoods in the greater Los Angeles area. It also entered into the largest redlining settlement in the nation’s history, requiring the bank to pay $31 million and change its practices.
Take Action
BIPOC communities, working-class neighborhoods, and rural areas are disproportionately affected by climate change, similar to the effects of redlining and other exploitative financial practices. It’s going to take a collective effort to protect the health of our communities, safeguard our planet from additional harm, and secure a sustainable and equitable future.
We can start by holding bad actors like the Royal Bank of Canada and City National Bank accountable. Here’s how you can take action and join us in calling on these banks to phase out fossil fuel financing and ending discriminatory banking practices:
- Sign on to support our campaign against Royal Bank of Canada and City National Bank.
- Join the discussion on social media using #RoyalBankofClimateChange.
- Contact Rise Economy’s Chief of Legal and Strategy, Kevin Stein, for more ways to get involved.
What our members are saying
Rise Economy members are speaking out against the harms being done to their communities due to fossil fuel financing. Read what they have to say.
Climate Action Stories
Rise Economy Issues Statement on Los Angeles County Wildfires
In light of the series of wildfires that continue to burn across Los Angeles County, destroying thousands of structures, prompting evacuations and resulting in several deaths, Rise Economy Chief Executive
Bankrolling Climate Change and Redlining
The Royal Bank of Canada and City National Bank must stop the harm and start investing in economic prosperity. By Jamie Buell, Research Analyst Redlining, housing discrimination, and environmental racism
Rise Economy Members Speak out on Fossil Fuel Financing
California is experiencing a rise in troubling and intensifying climate change-related catastrophes. Royal Bank of Canada (RBC) and its subsidiary, City National Bank (CNB), have an outsized influence on the
Rise Economy Demands Top Fossil Fuel Financier Address Environmental Harm, Discriminatory Practices in New Report
Royal Bank of Canada and its subsidiary, City National Bank, are responsible for significant pollution and discrimination in California; Rise Economy calls for urgent action after the banks cancel a
Interactive Map: California oil wells owned and operated by RBC Borrowers
You might be living next to a Royal Bank of Canada-financed oil extraction well and not know it. Active and idle oil wells contribute to substantial pollution and create disparate
California Coalition Applauds Rare, Failing Reinvestment Grade for City National Bank (CNB): Rise Economy says CNB and its Royal Bank of Canada (RBC) parent are bad for California communities due to redlining and fossil fuel finance practices
In response to the recent release by the Office of the Comptroller of the Currency (OCC) of an extremely rare “Needs to Improve” reinvestment rating for City National Bank, Rise
Rise Economy Responds to Gov. Newsom’s Proposed 2024 Budget
BIPOC, LMI Communities set to bear the brunt of deep cuts to climate change, affordable housing programs. SAN FRANCISCO — In response to California Gov. Gavin Newsom’s 2024 proposed budget
New Rise Economy Report Shows How Banks Used PPP Funds to Finance the Oil and Gas Industry, Collect Millions in Fees
FOR IMMEDIATE RELEASE Media Contact Brian Maxey, bmaxey@rise-economy.org, 510-813-7552 Money trail shows banks financed climate change with funds meant for vulnerable small businesses; Small Tri Counties Bank identified as
How Climate Disasters, Housing Discrimination and the Banking Industry are Intrinsically Linked
The San Francisco skyline against a backdrop of smoke and haze from wildfires. Photo credit: Adobe Stock By Jamie Buell, Research Analyst News outlets and social media have recently been
Researchers, climate advocates inform discuss local climate organizing and banking climate accountability
A discussion hosted by CRC touched on how each sector of climate resiliency—policy, research and local organizing— can work together to liberate disadvantaged communities from the inequitable effects of climate