'Climate change is a competition issue': Enviro groups oppose RBC-HSBC sale

on financial services such as mortgages, lending and bank accounts. In their letter, organizations including Environmental Defence, Stand.Earth, LeadNow and Climate Action Network Canada argued that climate change is a “fundamental concern” that is being overlooked as a competitive lens.The bank was named the top financer of fossil fuels in an annual report from environmental groups in 2022

“If RBC takes over the greener HSBC Canada it will remove sustainable choices from the marketplace,” the May 25 letter read, adding that this would contribute to the growing issue of “the loss of competitive pressure to improve climate and environmental performance in financial services” as consumers seek more climate-conscious options.

RBC spokesperson Andrew McGrath said the banking sector will remain competitive and the planned acquisition will “put more of Canada’s financial sector in Canadian hands.”

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