RBC to launch branch retrofit program

TORONTO — RBC has unveiled a plan to spend $35 million on a first phase of decarbonizing retrofits of its 1,200-bank branch network across Canada.

The program will include the installation of energy efficient heating and cooling systems such as heat pumps, which will replace aging heating, ventilation and air conditioning equipment, stated a release.

RBC will first begin to convert the 62 per cent of branches where it is responsible for HVAC, aiming to accelerate the work to be completed by 2035. The bank will continue to work on electrification with landlord partners in the remaining locations.

The bulk of the retrofit program is planned to begin in spring 2025.

Approximately 40 per cent of the bank’s operational carbon emissions stem from its retail locations across Canada. By updating the equipment, RBC estimates total branch emissions can be reduced by 70 per cent.

“Progress is needed to reduce emissions that come from the buildings we work in, which largely stem from their heating source,” says Jennifer Livingstone, vice president of enterprise climate strategy at RBC in a statement. “Which is why we have made this ambitious commitment to our clients, colleagues and other stakeholders including our investors. It is one of our largest opportunities for emissions reduction within RBC’s operations.”