Stand.earth on UN High-Level Expert Group's new Net-Zero criteria at COP27

TORONTO, Nov. 8, 2022 /CNW/ -- At COP27 in Egypt, the High-Level Expert Group (HLEG) on the Net-Zero Emissions Commitments of Non-State Entities released new standards for financial institutions' net-zero commitments as meaningful climate action. 

A recent Stand.earth report reveals the Royal Bank of Canada spent $9.2 billion on fossil financing. RBC is under investigation by Canada's Competition Bureau for alleged greenwashing around misleading advertising of its climate claims. 

Sarah Beuhler, Stand.earth Senior Climate Finance Strategist, said: 

"This new standard for net-zero commitments is necessary, especially since banks like RBC actually increased fossil fuel financing this year despite net-zero rhetoric. A year after RBC joined the Net-Zero Banking Alliance, new data reveals the bank is trying to have its cake and eat it too – presenting itself as a climate leader, while surging fossil fuel finance and dragging Canada backwards on its climate goals. 

"RBC is more interested in greenwashing its financing of fossil fuel companies than changing its business practices. If RBC fails to adjust, governments must crack down on greenwashing and regulate banks to phase down financing of coal, oil and gas and speed up investment in climate solutions that are good for our communities."

To view this statement online, visit: https://stand.earth/press-releases/stand-earth-on-un-high-level-expert-group-hleg-issuing-new-net-zero-criteria-at-cop27/

SOURCE Stand.earth

Lindsay Meiman, [email protected]