TORONTO, Feb. 10,
2025 /CNW/ - Royal Bank of Canada (RBC) and Carbonhound, an automated
greenhouse gas emissions reporting platform, today announced a
collaboration to help Canadian businesses measure, verify, and
manage their carbon emissions. This collaboration aligns with RBC's
strategy to support clients in their transition to a low-carbon
economy.
As regulatory requirements and stakeholder expectations
surrounding environmental and social sustainability intensify,
Canadian businesses face increased demands to accurately report
their carbon emissions and the environmental, social, and
governance risks within their value chains. Collecting and
analyzing emissions data can also provide organizations with
valuable insights to help manage their environmental impact, drive
efficiencies, and achieve cost savings. Designed for businesses of
all sizes and industries, Carbonhound's platform offers intuitive
tools intended to simplify carbon tracking and reporting
processes.
With this collaboration, RBC's commercial clients can access
Carbonhound's platform1 to:
- Automate data collection: Through Carbonhound,
businesses can streamline emissions tracking with automated data
imports for Scope 1, 2, and 3 greenhouse gas emissions. Leveraging
methodology that aligns with global standards like the Greenhouse
Gas Protocol and ISO 14064, the platform offers integration with
thousands of data sources to help reduce the risk of manual entry
errors and save time.
- Simplify emissions reporting: Businesses can generate
emissions reports aligned with reporting requirements set by the
Carbon Disclosure Project (CDP), Science Based Targets Initiative
(SBTi), International Sustainability Standards Board (ISSB),
Canadian Sustainability Standards Board (CSSB), and more. The
platform also allows organizations to generate custom reports,
benchmark against their competitors, and share their climate impact
with existing and potential customers.
- Take climate action: Carbonhound provides tools to help
set emissions reduction targets, implement reduction strategies,
and invest in carbon credit portfolios. The features are intended
to support businesses in taking climate action and achieving their
environmental sustainability goals.
"This collaboration reflects our commitment to supporting
clients with their own climate transitions by providing tailored
advice and sustainable finance solutions to help facilitate
change," said Niranjan Vivekanandan,
EVP and chief operating officer, Commercial Banking at RBC. "We are
excited to work with Carbonhound to offer our clients an accessible
solution that is designed to manage and report carbon emissions.
Together, we aim to enable Canadian businesses to make and measure
progress in their transition to a low-carbon economy."
As outlined in RBC's Climate Blueprint, one of the four pillars
of the bank's climate strategy focuses on supporting its clients to
reduce their greenhouse gas emissions. In 2024, the bank set a goal
to triple lending to renewable energy across RBC Capital Markets
and Commercial Banking, and to allocate $1
billion to support the development and scaling of innovative
climate solutions by 20302. RBC aims to accelerate
the deployment of capital to the emissions reduction efforts of
clients in high-emitting, hard to-abate sectors that are producing
the traditional energy the world still relies on. These important
actions will lay the foundation to help our clients make progress
on the journey to a net-zero future at an accelerated pace.
"Sustainability reporting has become table-stakes for businesses
that want to work in global supply chains and attract top-tier
talent. We are excited to work with RBC to help enable Canadian
businesses to compete more effectively and expand their margins
through sustainability data," said Sanders Lazier, CEO and
co-founder of Carbonhound.
For more information about this collaboration and how RBC
clients can benefit from Carbonhound's platform, please visit
Commercial Sustainable Finance - RBC Royal Bank.
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1 Statements
about the performance and the benefits of the Carbonhound
platform are made by Carbonhound Inc. Royal Bank of Canada is not
responsible for these statements.
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2 For
purposes of identifying and tracking investment commitments
eligible to count towards this goal and disclosing RBC's
progress towards this goal, climate solutions are intended to
include products and services that help mitigate the impacts of
climate change and/or support the transition to net-zero. While
RBC's approach may evolve over time, we intend to prioritize
allocating capital toward solutions that will lead to GHG emissions
reductions in Canada and globally. RBC's investment commitments
eligible to count towards this goal may also include support for
solutions with outcomes linked to biodiversity, nature and/or
adaptation, such as those described in RBC's Sustainable Finance
Framework, among others. RBC aspires to achieve this goal by 2030;
however, market conditions, among other factors—many of which are
beyond RBC's control and the effects of which can be difficult to
predict—could impact our ability to invest capital to advance
climate solutions over this timeframe. For purposes of tracking
progress towards this goal, RBC's eligible investment commitments
made from fiscal 2022 onward are included. For more information,
please refer to the RBC Climate Report 2023 (available at
rbc.com/esgreporting).
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About RBC
Royal Bank of Canada is a global financial institution with
a purpose-driven, principles-led approach to delivering leading
performance. Our success comes from the 98,000+ employees who
leverage their imaginations and insights to bring our vision,
values and strategy to life so we can help our clients thrive and
communities prosper. As Canada's
biggest bank and one of the largest in the world, based on market
capitalization, we have a diversified business model with a focus
on innovation and providing exceptional experiences to our more
than 18 million clients in Canada,
the U.S. and 27 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives
through donations, community investments and employee volunteer
activities. See how at rbc.com/peopleandplanet.
About Carbonhound
Carbonhound is a Toronto-based climate software company
providing verified carbon emissions reporting to companies around
the world. Our platform is designed to automate and simplify
climate reporting to help companies meet changing stakeholder and
regulatory expectations, support decarbonization to stay ahead of
their customers' requirements, and protect key accounts. Our
platform makes it easy and affordable for businesses to take
climate action. Learn more at carbonhound.com.
For more information, please contact:
Lauren Ng, RBC Corporate Communications
SOURCE RBC Royal Bank
