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 When it comes to environmental sustainability, we all have a role to play. Here are some highlights on how RBC is striving to do better-a quick glance at how we're striving to become more environmentally sustainable.
We have three environmental priorities:
Reduce Our Environmental Footprint
Primarily, RBC’s environmental footprint comprises energy use, paper consumption, employee travel, water use, and procurement activities. We are committed to continuing to reduce our environmental footprint, as set out in this section.
Greenhouse Gas Emissions
While we emit greenhouse gases directly through the use of fossil fuels in some of our heating systems, most of our greenhouse gas emissions are indirect, such as through our use of purchased electricity, the production and distribution of documents, and employee travel.
Energy Use
We use energy to heat and cool buildings, run our technology infrastructure and lighting systems, and for other purposes. RBC has been a purchaser of renewable energy1 since 2002.
Procurement
RBC’s procurement of materials, goods and services is extensive and globally far-reaching. RBC is transitioning our supply chain to a model that better supports our environmental sustainability priorities and objectives.
Paper Use
As a large financial services institution, RBC uses a great deal of paper, both internally and in client materials. We will do our part to conserve forest resources and support sustainable forest management.
Waste Management
Waste minimization through demand management, reuse and recycling are the preferred methods of reducing solid waste. However, where solid waste cannot be eliminated we are committed to careful management and disposal.
Water Use
While RBC’s level of direct water consumption is relatively small - associated mainly with restroom and lunchroom facilities on our premises – we are committed to improving our water use and conservation practices.
- In 2006, we decreased our year-over-year greenhouse gas emissions by 7 per cent and hope to do better in 2007.
- We are targeting paper reduction in all our operations, moving towards full use of recycled and FSC certified or equivalent paper. We introduced paperless and electronic banking options to our clients for a number of banking services. In Canada, 1.2 million clients have chosen e-statements for Personal Deposit Accounts, RBC Royal Bank Visa, Royal Credit Line and the RBC Homeline Plan, with more e-statements and paperless banking options to come.
- We 'offset' the greenhouse gases created during the production of our 2006 Annual Report, proxy circulars and Corporate Responsibility Reports.
- We are striving to reduce the consumption of energy in our own operations, and to increase our use of 'green' energy. In 2007, we launched an 'EnergySmart' campaign for employees, to help reduce our consumption of electricity. We also expanded our support for clean, renewable power by purchasing 100 per cent green electricity for 11 RBC Royal Bank branches in Alberta and 3 in Ontario. This augments RBC's existing use of green power for branches in Ontario and British Columbia. More.
- We are striving to integrate green building practices in new facilities. For example, the RBC Centre, located in downtown Toronto and scheduled for completion in 2009, is being constructed to LEED (Leadership in Energy and Environmental Design) certification. It includes floor-to-ceiling windows, a system for reclaiming rainwater and both direct and indirect lighting.
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Promote Environmentally Responsible Business Activities
RBC provides a variety of financial products and services to personal, business and corporate clients globally. We have comprehensive environmental risk management policies and procedures to facilitate the environmental review of transactions. We proactively review and update these policies and processes to address regulatory changes, emerging and evolving issues and international best-practices. RBC employs a dedicated team of environmental professionals who are available to provide expertise across the enterprise, when required.
We will continue to work with our clients and business partners to mitigate environmental risks and support environmentally responsible business models.
In addition, we were the first Canadian financial institution to sign the Equator Principles in 2003, a set of voluntary guidelines addressing environmental and social risks associated with project finance. We resigned the revised the Equator Principles in 2006.
Offer Environmental Products and Services
RBC seeks to offer an expanding array of products and services that provide long-term environmental benefits, are clearly distinguishable from comparable non-environmentally focused products, and empower clients with options to reduce their environmental footprint at little or no additional cost to the client.
- We have launched the the RBC Jantzi Funds, a suite of three mutual funds for clients who want to balance financial returns with social responsibility. Currently, RBC's clients in Canada can screen their investments to ensure they are investing in a socially responsible manner, using information provided to RBC by Jantzi Research Associates. RBC's clients also have access to the 71 SRI Funds available in the Canadian market.
- In 2007, we were part of a coalition of 284 asset management companies representing $41-trillion in assets under management that signed the Carbon Disclosure Project's 5th annual request for information. Signatories ask companies to disclose the climate-related risks and opportunities they consider material. As a potential stock-pick, we also completed the request for information.
- We released a report through RBC Capital Markets for investors who are interested in taking advantage of the opportunities in the global solar industry. More.
- We are striving to capitalize on environmental opportunities through the GEF Clean Technology Fund, and our Alternative Energy Venture Fund.
- We have a growing expertise in providing responsible investing and financing advice to clients of all sizes. For example, we have an SRI (socially responsible investment) Wealth Management team based out of RBC Dain Rauscher in San Francisco, managing nearly USD $1 Billion. This specialized team of financial advisors, provides SRI expertise to clients across the United States, including entrepreneurs, foundations, unions, and pension funds.
- We also have an Energy & Utilities team through RBC Capital Markets in London (U.K,) that provides experienced and successful services to the renewable energy sector. The 20-member team offers investment banking, financing and advisory services for businesses and renewable power projects in Europe, and provides support to our international activities within the renewables sector for projects such as wind farm, small hydro and biomass projects.
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1 Renewable energy is generated from renewable resources such as wind, biomass and small hydro, resulting in lower or no greenhouse gas emissions.
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