RBC Climate Action Institute releases annual report
TORONTO, Jan 14, 2025 /CNW/ – Canada could reduce its carbon emissions over the next decade by growing and decarbonizing its electricity grids, according to new research from the RBC Climate Action Institute. This decarbonization would also offer economic benefits and contribute to the country’s energy security. However, the pace of emissions reduction is slowing despite policies, investments and consumer action over the past five years to drive climate progress. As we approach 10e anniversary of the Agreement Paris 2015, it will be necessary to design different models and adopt new paradigms of thinking about climate to relaunch this progress.
These and other findings are presented in the RBC Climate Action Institute’s Climate Action 2025: A Year of Reorientation report, which provides a unique assessment of Canada’s progress on climate as well as perspectives from business and consumers in this regard. Developed by the Institute’s team of researchers, Climate Action 2025: A Year of Reorientation analyzes the extent to which Canada is on track to meet its climate commitments and highlights its achievements in several sectors.
“The year 2025 promises to be uncertain in terms of climate. A changing political landscape and economic frustrations are causing businesses and governments to rethink their approach, but these same forces also present opportunities to advance climate action. »
– John Stackhouse, Senior Vice President, Office of the CEO, RBC.
Here are some of the findings from this second annual assessment of climate action in Canada:
- Climate action has almost doubled in the past five years. The RBC Climate Action Institute’s Climate Action Barometer shows a near doubling of policies adopted, investments made and actions taken by Canadian consumers to advance climate action.
- Canada is not on track to achieve its climate goals. Emissions decreased by 0.8% in 2023, mainly thanks to progress made in the electricity sector. At this rate, Canada will not reach the 2030 targets of its Emissions Reduction Plan until 2035.
- Climate investment is slowing. Clean technology investments within heavy industry declined significantly in 2024. Venture capital funding stood at just $158 million for the year, compared to an annual average of $650 million for the previous 24 months. This decline is partly explained by the general slowdown in investment flows globally, but also by the decline in investor confidence in green technologies.
- L’Alberta is at the forefront of climate action in Canada. Eliminating more than 6 million tonnes of emissions from coal burning in Alberta made it possible to achieve a reduction of around 12% in national emissions linked to electricity. L’Alberta is now no longer using coal at all six years ahead of schedule.
- Climate change is of less and less concern to Canadians. Only 14% said climate change was among the three most important issues to them, compared to 26% in 2019. What will this mean for the political salience of climate action? of the country?
- Canadian business leaders see themselves on the front lines of climate action. More than half of senior executives believe that government grants (55%), internal funding (53%) and buy-in from senior management (50%) are the main factors that will drive emissions reduction within their organization. organization.
This research by the RBC Climate Action Institute provides comprehensive insights into Canada’s climate progress to date by surveying 2,000 Canadians and 100 business leaders to gather their perspectives on climate action and its evolution. The Institute also developed the Climate Action Barometer, a proprietary tool based on companies’ assessments of policies adopted, investments made, actions taken, public opinion, emissions and technologies to track climate progress across the economy. The report is complemented by images resulting from a photography program that documents climate action across the country.
Climate Action 2025: A Year of Reorientation also features the journey of several companies innovating to reduce their emissions. From Canada Nickel, a mining company that is finding new ways to sequester carbon resulting from its ore extraction activities, to Semex, an agricultural company that is reducing methane emissions from its dairy operations, the report highlights the important contribution, often little known, of companies in achieving Canada’s climate objectives.
Read the full report
About the RBC Climate Action Institute (the Institute)
The Institute draws on research and sector experts to help clients and communities implement climate solutions. The Institute’s mandate is threefold:
- Inform and inspire: Leverage RBC’s thought leadership capabilities to help shape policy direction and inspire action in the transition to a carbon-neutral future in Canada.
- Mobilize decision-makers: Bring together key stakeholders to exchange ideas and develop concrete climate solutions.
- Encourage bold interventions: Work with sector partners to help customers and communities implement climate solutions.
Since its launch in April 2023, the Institute has published more than 20 research papers on topics ranging from electricity regulation to mass timber. The Institute interacted with governments, economic sectors and community groups to discuss perspectives and ideas and learn from Canadians at the forefront of the fight against climate change. He also helped launch two groups,
the Carbon Neutral Canadian Agri-Food Alliance and the Climate Alliance for Smart Buildings, to contribute to the development of climate strategies in the private sector. For more information on the RBC Climate Action Institute on the institute’s website
RBC Overview
Royal Bank of Canada is a global financial institution defined by purpose, guided by principles and focused on performance excellence. Our success is attributable to the approximately 98,000 employees who use their creativity and know-how to realize our vision, our values and our strategy so that we can contribute to the prosperity of our clients and the vitality of our communities. According to the market capitalization, we are the largest bank in Canada and one of the largest banks in the world. We have adopted a diversified business model focused on innovation and delivering exceptional experiences to our customer base of more than 18 million customers in Canada, the United States and 27 other countries. To learn more, visit rbc.com.
We are proud to support a wide variety of community initiatives through donations, community investments and the volunteer work of our employees. For more information, visit the site rbc.com/gensetplanete.
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SOURCE RBC Financial Group
