Kim Delegran thinks the Royal Bank of Canada (RBC) is a “fossil fool.”
“RBC is number one in the world for helping create more oil availability, more oil burning, and causing more climate chaos,” he said while protesting in front of RBC’s branch in downtown Huntsville.
Delegran was one of close to 30 people that were standing in front of the location on 22 Main St. E. for about an hour Saturday afternoon.
It was part of a coordinated effort for what has been dubbed “Fossil Fools Day.” Protests were also held at other RBC branches across Canada.
According to the Banking on Climate Chaos report, RBC spent $252 billion US to finance fossil-fuel projects between 2016 and 2022, which puts them fifth during that period behind JPMorgan Chase, Citi, Wells Fargo, and Bank of America.
In a statement to the MyMuskokaNow.com newsroom, Jeff Lanthier, director of media relations, social insights, and corporate communications for RBC, says the company is committed to renewable energy.
“We recognize the imperative for climate action and embrace our role as a bank that will support our clients and communities in accelerating the transition to a greener economy,” he writes. “Supporting our clients on their decarbonization journey is where we believe we can have the biggest impact in the climate transition.”
He referenced a March 2024 announcement from RBC, which detailed its plan to triple lending for renewable energy, grow its low-carbon energy lending to $35 billion by 2030, allocate $1 billion by the start of the next decade to support the development and scaling of innovative climate solutions, and create a new decarbonization finance category within RBC’s Sustainable Finance Framework.
RBC is also planning to reach “net zero” emissions by 2050.
“We believe supporting clients who supply the conventional energy that our world relies on and are committed to bringing their emissions down is the right approach,” says Landthier.
However, Delegran says actions speak louder than words.
“We’re going to watch and feel Canada burning,” he says.
Delegran points to the wildfire season last year that saw many parts of Ontario covered in smoke, including where he lives in Raymond, Ont.
“All the scientists around the world have been saying this for years: we need to stop making oil,” he continues.
Delegran says while RBC may benefit from profit now, the world will pay for it. “It’s a dead ringer for success, however, that success is turning into what we see around us: climate chaos,” he says.