Data from an environmental group shows RBC's fossil fuel expansion-related funding jumped by almost half last year to its highest level since the Paris climate agreement was reached in 2015.
Data from an environmental group shows RBC's fossil fuel expansion-related funding jumped by almost half last year to its highest level since the Paris climate agreement was reached in 2015.
The UN report out Monday emphasized the urgency of taking more ambitious action to reduce greenhouse gas emissions, while the International Energy Agency has previous said no new fossil fuel supply projects should be built to give the world an even chance of limiting warming to 1.5 C. The bank's report showed that its overall financed emissions for the oil and gas industry rose about 23 per cent last year compared with 2021, though only after significantly revising down the 2021 level on what it said was improved data.
"It should be a trend downward, but we're seeing the opposite happening," said Brooks, climate finance director at the group.
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