A report issued by an alliance of environmental groups stated that "Royal Bank of Canada" (RBC), one of the five largest Canadian banks, was the biggest financer of fossil fuels in the world last year, providing more than 42 billion US dollars to this sector.

The annual report "Banking on Climate Chaos" said that the financing provided by the mentioned Canadian bank between 2016 and 2021 made it the fifth largest financer of fossil fuels in the world, but 2022 was the first year in which this bank provided the largest amount of money.

In 2021, "Royal Bank of Canada" was the fifth largest financer of fossil fuel projects worldwide.

Meanwhile, the American bank "JP Morgan" was the largest financer of this industry in 2021 with just over 67 billion US dollars, and its financing fell to 39.2 billion US dollars in 2022 when it was surpassed by the Canadian "Royal Bank".

Also, according to the same report, "Scotiabank" ranked ninth globally in the same field last year with financing of 29.5 billion US dollars.

"Toronto Dominion Bank" (TD Bank) came just behind it with about 29 billion US dollars, while "Bank of Montreal" (BMO) ranked 15th and "CIBC" ranked 16th, with financing of 19.3 billion and 17.9 billion US dollars respectively. These banks are also Canadian.

Collectively, the five major Canadian banks mentioned above provided about 140 billion US dollars last year to develop the fossil fuel industry.

Also, at the annual meeting of "Royal Bank" shareholders last week, the bank's CEO, Dave McKay, emphasized the importance of energy security and an organized transition to clean energies away from financing the fossil fuel sector while defending the bank's financing of this sector and its climate record.