Major bank hit with backlash after changing course on $500 billion deal: 'Disappointing and concerning step backward'

Major bank hit with backlash after changing course on $500 billion deal: 'Disappointing and concerning step backward'

The Royal Bank of Canada is ditching a multibillion-dollar commitment to sustainable financing and is pointing to regulatory changes around greenwashing as a key reason. What's happening? The Canadian Press reported that RBC has scrapped its plans to facilitate $500 billion in sustainable financing after discovering problems with its methodology. Canada's largest bank said updates to the Competition Act requiring metrics to align with internatio…