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RBC helped arrange US $5.4B of financing for company expanding German coal mine

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Royal Bank of Canada is one of many global lenders who want to show being green isn’t only about the colour of money, but recent revelations about its investment in fossil fuel companies call into question its climate-action bona fides.

Global News has learned — from financial data firm Refintiv — that those arrangements include involvement in two significant credit lines to energy giant RWE; most recently in the news for its expansion of a coal mine in western Germany.

Data compiled in an analysis by environmental NGOs shows that since 2016, RBC is estimated to be the fifth-largest global financier of fossil fuel projects.

The 2022 Banking on Climate Chaos Report — which uses information from financial data provider Bloomberg LP — also estimated that the Toronto-based bank is the 40th largest funder of coal mining and the 25th largest for coal power generation in that period.

For more info, please go to https://globalnews.ca/news/9598238/rbc-helped-arrange-us-5-4b-of-sustainability-linked-financing-for-company-expanding-german-coal-mine/

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Category
U.S. & Canada
Tags
global news, RBC, coal
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