NYC pension funds urge Royal Bank of Canada for transparency on clean energy funding

Two significant New York City pension funds pressured the Royal Bank of Canada (RBC) to disclose more information about its clean energy investments. The New York City Employees’ Retirement System and Teachers’ Retirement System of the City of New York have filed a shareholder resolution, urging RBC to fully report the ratio of its clean energy funding compared to its fossil fuel funding. 

This move is part of broader efforts by the pension systems to advocate for more decisive action on climate change, with similar resolutions filed against other major US banks like Citigroup Inc., JPMorgan Chase & Co., and Morgan Stanley.