Toronto, ON — RBC Bank announces it aims to decarbonize its headquarters, Royal Bank Plaza, located at 200 Bay St., in Toronto, Ont. Specifically, RBC is committing to achieving net-zero emissions by 2040.
To achieve this goal, RBC entered into a lease agreement with Pontegadea, the landlord of Royal Bank Plaza. This agreement will see Pontegadea develop a decarbonization roadmap for RBC’s headquarters.
RBC and Pontegadea’s agreement comes through RBC’s Landlord Engagement Program. Established in 2023, this program aims to incorporate climate-focused lease clauses into new and renewing lease agreements. RBC adds that, “This program is designed to support RBC’s commitment to reducing emissions in its operations by asking landlords to commit to climate-focused actions and share relevant climate data with RBC.”
With this announcement, RBC has secured commitments from global landlords covering over 2.5 million square feet (the equivalent of approximately 147 hockey rinks or 57 acres of land) of leased office space with net zero targets by 2040.
RBC adds that commitments from global landlords will support scaling decarbonization initiatives at leased properties by addressing barriers related to shared ownership and control of assets.
In addition, through its Branch Retrofit program, it will install heat pumps in its Canadian branch network where it is responsible for heating, ventilation and air conditioning (HVAC) by 2035.