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Abstract

The Royal Bank of Canada, one of the global financial, social and environmental corporate leaders, started multifarious environment-friendly (Green) initiatives such as generating environmental policies for sustainable development, encouraging conservation of water and minimising the usage of paper as part of its corporate social responsibilities. In addition, the bank provided various eco-friendly services like electronic banking statements, online transactions and granting loans to its customers for saving energy. But all these pro-environmental services of the bank came under question with its investment decision on the Tar sands in Alberta. The bank was the leading financer for extracting oil from the Tar sands. The extraction of crude oil from the Tar sands was the largest industrial source of greenhouse gas emissions in the world, affecting the Boreal forest and polluting clean water. Though this investment earned a good return but due to the environmental degradation the bank faced strong protests from the environmentalists. According to the experts'' observation, substantial amount of greenhouse gases emitted every year because of oil extraction, thereby affecting environment and the local population. Hence, it remained to be seen whether Royal Bank of Canada''s decision of investment on the Tar sands was feasible vis-a-vis its other green initiatives.
Location:
Other setting(s):
2009

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Abstract

The Royal Bank of Canada, one of the global financial, social and environmental corporate leaders, started multifarious environment-friendly (Green) initiatives such as generating environmental policies for sustainable development, encouraging conservation of water and minimising the usage of paper as part of its corporate social responsibilities. In addition, the bank provided various eco-friendly services like electronic banking statements, online transactions and granting loans to its customers for saving energy. But all these pro-environmental services of the bank came under question with its investment decision on the Tar sands in Alberta. The bank was the leading financer for extracting oil from the Tar sands. The extraction of crude oil from the Tar sands was the largest industrial source of greenhouse gas emissions in the world, affecting the Boreal forest and polluting clean water. Though this investment earned a good return but due to the environmental degradation the bank faced strong protests from the environmentalists. According to the experts'' observation, substantial amount of greenhouse gases emitted every year because of oil extraction, thereby affecting environment and the local population. Hence, it remained to be seen whether Royal Bank of Canada''s decision of investment on the Tar sands was feasible vis-a-vis its other green initiatives.

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Location:
Other setting(s):
2009

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