Application for inquiry regarding the Royal Bank of Canada’s apparent false and misleading representations about action on climate change, while continuing to finance fossil fuel development

On June 10, 2022, the Applicants filed an application under the Competition Act requesting that the Commissioner of Competition investigate representations made by the Royal Bank of Canada (RBC) concerning its climate commitments. They alleged that RBC engaged in greenwashing by falsely or misleadingly representing that it supports the goals of the Paris Agreement, is committed to achieving net-zero emissions in its lending portfolio by 2050, and will provide $500 billion in sustainable financing, while continuing to provide substantial financing for fossil fuel development and expansion. The Applicants argued that these representations were materially false or misleading because RBC lacked a credible plan to align its financing activities with a 1.5°C emissions pathway and because its definition of "sustainable financing" permitted financing of fossil fuel companies and projects. They requested that the Competition Bureau conduct an inquiry under section 74.01(1)(a) of the Competition Act, require RBC to withdraw the challenged representations until specified conditions were met, and impose an administrative monetary penalty.

Following the application, the Competition Bureau opened a formal inquiry into RBC's climate-related representations in October 2022. As of mid-2026, no public decision or enforcement action appears to have been issued, and the status of the inquiry remains unresolved.