Canada’s Competition Bureau has launched an inquiry into the marketing practices of the Royal Bank of Canada (RBC) more than five months after allegations emerged that the company made false and misleading representations about action on climate change.
In an April application to Canada’s Competition Bureau, Kukpi7 Judy Wilson — secretary-treasurer at the Union of BC Indian Chiefs (UBCIC) and chief of the Skat'sin te Secwepemc-Neskonlith Indian Band — joined five other individuals calling for RBC to end its financing of fossil fuels and stop “deceiving the public.”
“Until RBC stops financing fossil fuels, advertising itself as Paris Agreement-aligned is greenwashing — and it shouldn't be tolerated,” said Wilson in a written statement at the time.
RBC is among the top five banking financiers of fossil fuel projects in the world, and the biggest in Canada, according to a report produced earlier this year. The report found RBC had increased its investments in fossil fuel projects to nearly $38 billion from over $19 billion in 2020.
According to a Sept. 29 letter to the applicants' lawyers, the Competition Bureau has “commenced an inquiry” into RBC’s marketing practices in accordance with Canada's Competition Act.
“The inquiry seeks to determine the facts relating to allegations that RBC has contravened the act by making false or misleading environmental representations,” wrote Adam Zimmerman, senior competition officer for the bureau’s cartels and...
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