## RBC Commits C$2 Billion to Tackle Societal Challenges: A New Era of Community Investment
In a significant move towards fostering a more sustainable and equitable future, RBC, RBC Foundation, and RBC Foundation USA have announced a groundbreaking C$2 billion commitment by 2035. This ambitious investment strategy aims to support community-driven initiatives tackling three of society’s most pressing challenges:
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Transitioning to a Net-Zero Economy:
Recognizing the urgent need to address climate change and biodiversity loss, RBC will support projects that promote climate change mitigation solutions, nature-based approaches, and enhance the environmental sustainability of community spaces.*
Equipping People with the Skills for a Thriving Future:
As technology continues to reshape the workforce, RBC is committed to providing individuals with the skills and knowledge necessary to adapt to the evolving job landscape. This includes supporting initiatives that build in-demand skills, create access to work experience, and advance work readiness through relevant credentials.*
Driving More Equitable Opportunities for Prosperity:
Addressing widening disparities and affordability challenges, RBC will focus on projects that create stability through food security, housing, and healthcare access. The investment will also prioritize initiatives that enhance financial well-being and increase accessibility of community spaces.A Collaborative Approach to Sustainable Change
This new community investment strategy underscores RBC’s commitment to working collaboratively with charitable and not-for-profit organizations. By leveraging the expertise and insights of these community partners, RBC aims to effectively understand and respond to evolving community needs.
“Strengthening our communities is at the heart of RBC’s Purpose to help clients thrive and communities prosper,” said Dave McKay, president and CEO, RBC. “For over 150 years, RBC has operated with the understanding that we have a responsibility to help build a stronger future for those we serve. This investment reflects our commitment to driving positive change on societal challenges that threaten our collective prosperity.”
Building on a Legacy of Community Support
This C$2 billion commitment builds upon RBC’s longstanding dedication to community investment. The initiative includes RBC’s ongoing pledge to invest a minimum of 1% of its domestic net income before taxes to support charitable and non-profit initiatives in Canada, as well as a community investment target of 1% of net income before taxes (based on a five-year rolling average) in other core markets, including the U.S., UK, and Europe by 2025.
Applications for this new funding initiative will open on November 1, 2024. For more information, visit [Community Investments – Canada](link to website).
About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven approach to delivering leading performance. With over 100,000 employees, RBC is dedicated to helping its clients thrive and communities prosper. As Canada’s largest bank and one of the world’s largest banks based on market capitalization, RBC offers a diversified business model focused on innovation and exceptional client experiences. Learn more at [rbc.com](link to website).
About RBC Foundation
RBC Foundation is a Canadian Registered Charity and Private Foundation. Solely funded by RBC, RBC Foundation provides donations exclusively from RBC’s annual earnings.
About RBC Foundation USA
RBC Foundation USA is a registered 501c3 private foundation. Funded by RBC Wealth Management and RBC Capital Markets, RBC Foundation USA provides donations exclusively from its annual earnings.
