A report from a coalition of environmental groups shows that Royal Bank of Canada was the biggest fossil fuel financier in the world last year after providing over $42 billion US in funding.The annual Banking on Climate Chaos report shows the bank’s funding between 2016 and 2021 put it as the fifth-largest fossil fuel funder, but 2022 was the first year it provided the most money.In 2021, RBC was the fifth-largest financier to fossil fuel projects in the world.American bank JP Morgan was the largest financier to the industry in 2021 with just over $67 billion US, before being passed by RBC in 2022. JP Morgan financed the industry to the tune of $39.2 billion US last year. According to the data, Scotiabank ranked ninth globally last year with $29.5 billion US in funding and TD was just behind it at about $29 billion US, while Bank of Montreal ranked 15th and CIBC 16th at $19.3 billion US and $17.9 billion US respectively.Collectively, the big five Canadian banks doled out almost $140 billion US to fossil fuel developments last year.
