Canadian bank named world’s largest fossil fuel financier

RBC, one of Canada's so-called 'Big 5' banks, has contributed $254bn to fossil fuel companies since the Paris Agreement, new report finds [File: Mark Blinch/Reuters]

A major Canadian bank was the world’s largest financier of fossil fuels last year, contributing $42.1bn to such companies, a new report by a coalition of environmental groups has found.

Released on Thursday, the Banking on Climate Chaos report (PDF) found that the Royal Bank of Canada (RBC) had surpassed United States-based JP Morgan Chase for the first time since 2019.