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April 14, 2023

RBC replaces JPMorgan as largest fossil fuel financier in 2022

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Royal Bank of Canada ranked as the largest fossil fuel financier in 2022, having provided $42.13bn to the sector (Photo: Mark Blinch/Reuters)

New research finds that despite a decrease in overall financing for fossil fuel companies in 2022, banks’ policies allow for an annual loophole of $750bn.

Royal Bank of Canada was the largest financier of fossil fuel companies in 2022, having facilitated a total $42.13bn to the industry and replacing JPMorgan in the top spot, according to a study by the Rainforest Action Network, BankTrack and other campaign groups.

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