RBC Teams Up With Carbonhound For Carbon Tracking Solution

Royal Bank of Canada (RBC) has partnered with Carbonhound to provide Canadian businesses with an advanced platform for measuring, verifying, and managing their carbon emissions. This collaboration aligns with RBC’s strategy to assist its clients in transitioning to a low-carbon economy while navigating the increasing demands for sustainability reporting and climate action.

As companies are exposed to increasing pressure from changing regulations and stakeholder expectations, carbon tracking has become a critical necessity. With this partnership, businesses can leverage Carbonhound's automated platform to streamline emissions data collection, simplify compliance reporting, and develop actionable climate strategies. RBC aims to support its clients by offering tailored advice and sustainable finance solutions, making the path to sustainability more accessible and efficient.

The partnership addresses a key challenge for businesses: the need for accurate and efficient carbon data management. Carbonhound’s platform integrates with thousands of data sources, tracking Scope 1, 2, and 3 emissions in line with global standards such as the Greenhouse Gas Protocol and ISO 14064. This automated process not only minimizes errors but also saves valuable time for companies seeking to meet their sustainability goals.

One of the platform’s standout features is its robust reporting capabilities. Businesses can generate comprehensive reports aligned with major sustainability frameworks, including the Carbon Disclosure Project (CDP), the Science-Based Targets Initiative (SBTi), and the Canadian Sustainability Standards Board (CSSB). These reports are essential for enhancing compliance and demonstrating transparency to stakeholders, regulators, and investors.

The collaboration between RBC and Carbonhound goes beyond data collection and reporting. The platform empowers businesses with actionable climate insights, enabling them to set reduction targets, implement effective strategies, and invest in carbon credits. These solutions are critical for companies seeking to achieve their sustainability goals and maintain a competitive edge in a rapidly evolving market.

EVP and COO of Commercial Banking at RBC, Niranjan Vivekanandan said the bank was committed to helping clients navigate their climate transition journey. "This partnership is reflective of our commitment to support clients with their own climate transitions through bespoke advice and sustainable finance solutions to enable change," he said.

RBC has made significant climate commitments as part of its broader sustainability strategy. The bank aims to triple its lending to renewable energy projects through RBC Capital Markets and Commercial Banking by 2030. Additionally, it has allocated $1 billion to scale innovative climate solutions and is actively helping clients in high-emitting sectors transition to net-zero emissions.

Carbonhound’s CEO and co-founder, Sanders Lazier, highlighted the growing importance of sustainability reporting as a competitive advantage for businesses. “Sustainability reporting has become table-stakes for businesses that want to work in global supply chains and attract top-tier talent,” he noted.

With this partnership, RBC and Carbonhound aim to help Canadian businesses navigate the complexities of sustainability reporting and climate management. By offering a streamlined and automated solution, the collaboration ensures that businesses remain competitive and compliant while contributing to a greener and more sustainable future.

The partnership also underscores the broader industry trend where sustainability is no longer optional but essential. As businesses increasingly recognize the value of climate action, tools like Carbonhound’s platform are becoming indispensable for meeting both regulatory requirements and stakeholder expectations.

RBC’s efforts to support its clients’ climate transitions are part of a larger commitment to environmental stewardship and innovation. By offering automated carbon tracking and actionable climate solutions, RBC and Carbonhound are paving the way for a more sustainable and resilient business landscape in Canada. This collaboration serves as a model for other financial institutions and technology providers seeking to drive meaningful change in the fight against climate change.