Royal Bank of Canada has said it will triple lending for renewable energy across its capital markets and commercial banking business, and grow its overall “low-carbon energy” lending to $35bn by 2030.
The bank said in a statement that it would also allocate $1bn by 2030 to funds and companies that support the development and scaling of innovative climate solutions. It would also include a new “decarbonisation” finance category within its sustainable finance framework to accelerate capital deployment to decarbonisation efforts. The announcement did not specify what renewable energy sources or climate solutions would be targeted.
