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RBC Global Asset Management releases its first Task Force on Climate-related Financial Disclosures report

Toronto, April 19, 2021 – RBC Global Asset Management (“RBC GAM”), the asset management division of the Royal Bank of Canada (“RBC”), is pleased to announce it has released its Task Force on Climate-related Financial Disclosures (“TCFD”) report. RBC GAM became a formal supporter of the TCFD in 2020 and this report is RBC GAM’s first stand-alone disclosure aligned to the TCFD recommendations. The report discloses data and metrics for the portfolios managed by RBC GAM, and demonstrates its commitment to providing clients with transparent and effective reporting on climate change considerations.

“Climate change is a material factor that can impact economies, markets and societies in an unprecedented way,” said Melanie Adams, Vice President and Head, Corporate Governance and Responsible Investment, RBC Global Asset Management. “RBC GAM believes that considering its financial impacts in our investment approach may enhance long-term, risk-adjusted returns. We are committed to continuously improving and enhancing our approach as new climate data, metrics and insights enable us to better manage the risks and opportunities posed by climate change.”

RBC GAM has structured this report, which covers calendar year 2020, based on the TCFD’s four recommended pillars: governance, strategy, risk management, and metrics and targets. RBC GAM is committed to continuous improvement and expects that the firm’s TCFD disclosures and the actions taken to address climate change will advance over time.

Key highlights of the report:

  • Describes RBC GAM’s process for assessing material climate risks and opportunities at a sector, portfolio, issuer and security level.
  • Includes disclosure of portfolio carbon footprint analysis and climate scenario analysis for equity and corporate bonds, including sector contributions.
  • Contains disclosure of TCFD recommended metrics and forward-looking metrics including weighted average carbon intensity, climate value at risk, and temperature alignment.

As RBC GAM continues to implement its approach to climate change, through the course of the coming year the following areas will be of focus:

  • Build climate expertise:
    • Continue to build climate expertise and knowledge across investment teams and the Leadership Committee by hosting climate education sessions and sharing case studies and insights.
  • Climate analytics and research insights:
    • Enhance the depth and scope of climate research and analysis on material climate factors and impacts within and across portfolios.
  • Standardization of metrics and methodologies:
    • Improve the standardization of methodologies of relevant climate metrics through collaborative initiatives.
  • Disclosure and transparency:
    • Continue to provide enhanced disclosure of environmental, social and governance (“ESG”) and climate metrics to clients.
  • Active stewardship:
    • Continue to focus on actively engaging with investee companies on material ESG and climate factors, and collaborate and advocate on climate-related issues through industry and investor-led initiatives.

Earlier this month, RBC also provided an update on its 2020 sustainability highlights by releasing its ESG Performance Report, TCFD Report and Green Bond Report. To learn more about these reports, please visit here.

About RBC Global Asset Management

RBC Global Asset Management  (“RBC GAM”) is the asset management division of Royal Bank of Canada (RBC) and includes money managers BlueBay Asset Management and Phillips, Hager & North Investment Management. RBC GAM is a provider of global investment management services and solutions to institutional, high-net-worth and individual investors through separate accounts, pooled funds, mutual funds, hedge funds, exchange-traded funds and specialty investment strategies. The RBC GAM group of companies manage approximately $540 billion in assets and have approximately 1,400 employees located across Canada, the United States, Europe and Asia.