Key reports demonstrate how RBC's purpose-driven strategy and momentum is contributing to a more inclusive and sustainable future
TORONTO, March 2, 2022 /CNW/ - Today, RBC released three reports which together demonstrate its purpose-driven commitments and goals focused on helping clients thrive and communities prosper:
- RBC's 2021 Environmental, Social and Governance (ESG) Performance Report offers insights into the bank's approach to ESG and our overarching strategies, new and ongoing commitments, and our performance related to relevant ESG topics.
- RBC's 2021 Task Force on Climate-related Financial Disclosures (TCFD) Report highlights progress in implementing the recommendations of the Financial Stability Board's Task Force to disclose the risks and opportunities associated with climate change, and sets new goals in alignment with the bank's net-zero commitments.
- RBC's 2021 Diversity & Inclusion (D&I) Report sets out a comprehensive view of our D&I priorities, programs and performance. Leveraging data-driven insights, it showcases programs, commitments and initiatives that advance diversity, strengthen inclusion, enable economic inclusion and deliver on RBC's D&I goals.
- RBC's 2021 Public Accountability Statement outlines our contribution to the economy and society in Canada, key measures supporting RBC's Purpose to help clients thrive and communities prosper.
"RBC has consistently played a leadership role in tackling some of society's greatest challenges and opportunities in the communities where we live and work. Underpinning these key reports and disclosures is the significant engagement of our employees who leverage RBC's resources, capabilities and influence to create a more inclusive, sustainable and prosperous tomorrow," said Dave McKay, President and Chief Executive Officer, RBC.
Highlights from across the 2021 reports that demonstrate RBC's commitment and contributions to accelerating the pace of change include:
Advancing diversity and promoting economic inclusion
- Embedded greater equity and inclusivity in hiring practices, with 51% of global hires representing individuals who identify as women, and 37% of hires in Canada and the US representing individuals who identify as BIPOC.
- Launched new financing solution that provides loans of up to $250,000 for Black entrepreneurs in Canada as part of our five-year, $100 million commitment to supporting Black-owned businesses.
- Expanded community partnerships including a collaboration with First Nations University of Canada to offer the 4 Seasons of Reconciliation learning program to all Canadians.
- Exceeded FY21 goal of providing BIPOC youth with 40% of all RBC summer opportunities.
- Empowered individuals with the knowledge, skills and confidence they need to make smart, everyday financial decisions through a suite of 25+ proprietary and partner-generated solutions around financial literacy and inclusion.
Accelerating the transition to net-zero emissions
- Advanced goals and commitments aligned to the RBC Climate Blueprint, our four-pillar enterprise climate strategy. This included progress towards our sustainable finance commitment of $500 billion by 2025 and a commitment to achieve net-zero emissions in our lending by 2050.
- Joined the Net-Zero Banking Alliance, a global, industry led-initiative to accelerate and support efforts to address climate change, and support an orderly and just transition to our net-zero future.
- Enhanced transparency through disclosing RBC's initial estimates of the emissions associated with its lending portfolio across all six asset classes as prescribed by the Partnership for Carbon Accounting Financials methodology.
- Published the $2 Trillion Transition, our flagship net-zero report that charts a path through the challenges and opportunities facing Canada.
- Funded more than 100 initiatives to solve pressing environmental challenges through RBC Tech for Nature, with more than $27 million being invested in 125 community partnerships since 2019.
Building stronger communities
- Contributed $140+ million globally through cash donations and community investments, including support to mitigate the economic impact of the COVID-19 pandemic and specific support for disaster and community relief.
- Engaged employees as agents of social change through our annual Employee Giving Campaign in Canada raising $23 million for 5,000+ charities.
- Provided $265+ million through RBC Future Launch since 2017, reaching over 3.6 million Canadian youth, helping them prepare for the future of work.
- Doubled the funding for Indigenous scholarship recipients, now $10,000 per year for up to four years.
Caution Regarding Forward-Looking Statements
Forward-looking statements in this press release include, but are not limited to, statements relating to our commitments in our RBC Climate Blueprint, including committing to facilitate $500 billion in sustainable financing by 2025 and achieve net-zero emissions in our lending by 2050. The forward-looking information contained in this press release is presented for the purpose of assisting our stakeholders in understanding some of the ways in which we intend to participate in the transition to net-zero emissions in our economy, and may not be appropriate for other purposes.
By their very nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, which give rise to the possibility that our predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that our assumptions may not be correct and that our objectives, vision, commitments, goals, targets, and strategies to mitigate and adapt to climate-related risks and opportunities will not be achieved. Moreover, many of the assumptions, standards, metrics and measurements underlying the forward-looking information contained in this press release continue to evolve and are based on assumptions believed to be reasonable at the time of preparation, but should not be considered guarantees. We caution readers not to place undue reliance on these statements as a number of risk factors could cause our actual results to differ materially from the expectations expressed in such forward-looking statements.
These factors – many of which are beyond our control and the effects of which can be difficult to predict – include: climate-related conditions and weather events, our ability to gather and verify data regarding environmental impacts, our ability to successfully implement various initiatives throughout the company under expected time frames, the compliance of various third parties with our policies and procedures, the legal and regulatory environment, regulatory compliance (which could lead us to being subject to various legal and regulatory proceedings, the potential outcome of which could include regulatory restrictions, penalties and fines), strategic, reputation, competitive, legal and regulatory environment and systemic risks and other risks discussed in the risk sections and Impact of COVID-19 pandemic section of our 2021 Annual Report for the year ended October 31, 2021 and the Risk management section of our Quarterly Report for the three-month period ended January 31, 2022.
In addition, as we work to advance our climate goals, external factors outside of RBC's reasonable control may act as constraints on their achievement, including varying decarbonization efforts across economies, the need for thoughtful climate policies around the world, more and better data, reasonably supported methodologies, and technological advancements, the evolution of consumer behavior, the challenges of balancing interim emissions goals with an orderly and just transition, and other significant considerations such as legal and regulatory obligations.
We caution that the foregoing list of risk factors is not exhaustive and other factors could also adversely affect our results. When relying on our forward-looking statements to make decisions with respect to us, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, we do not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by us or on our behalf.
About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 88,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.
SOURCE RBC
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