10:07 AM EDT, 07/18/2024 (MT Newswires) -- RBC (RY.TO) on Thursday announced a plan to retrofit its Canadian 1,200 branch network to cut 10,000 tonnes of onsite carbon emissions from its operational footprint.

The bank said it will invest $35 million over three years in the first phase to install energy efficient, low-carbon heating and cooling systems such as heat pumps. RBC will first begin to convert the 62% of branches where it is responsible for HVAC, aiming to complete this work by 2035. The bank will 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% of the bank's operational carbon emissions stem from its retail locations across Canada. By updating this equipment, RBC estimates total branch emissions can be reduced by 70%.

Last year, RBC's ongoing shift to renewable energy sources led to a 67% reduction in its emissions for global operations since 2018, RBC's baseline year. The bank now sources 100% of its total global electricity consumption from renewable sources, it said.

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