RBC collaborates with carbon emissions reporting platform

RBC has struck a deal with the software platform Carbonhound to help measure and verify its clients’ carbon emissions, the bank announced Monday.

RBC’s commercial clients can track their scope 1, 2 and 3 carbon emissions with automated data imports into the platform. They can use that data to generate emissions reports aligning with Canadian Sustainability Standards Board requirements, among other international standards. The reports can be used to benchmark against competitors.

Carbonhound also has tools to help businesses set emissions targets, implement reduction strategies and invest in carbon credit portfolios.

“One of the four pillars of the bank’s climate strategy focuses on supporting its clients to reduce their greenhouse gas emissions,” the release said.

The other pillars from the bank’s 2022 Climate Blueprint include being accountable to the bank’s own net-zero lending target by 2050, producing research on climate issues and reducing greenhouse gas emissions by 70% between 2018 and 2025.

This comes after RBC became the sixth Canadian bank to quit the UN-backed Net-Zero Banking Alliance. The bank was also ranked by Bloomberg New Energy Finance as having the worst ratio of clean-energy-to-fossil-fuel funding among major global banks.

Jonathan Got

Jonathan Got is a reporter with Advisor.ca and its sister publication, Investment Executive. Reach him at jonathan@newcom.ca.