- Royal Bank of Canada ( NYSE: RY ) has expanded its business-focused suite of sustainable finance products on Tuesday with the introduction of its RBC-EDC sustainable financing solution.
- The new solution will join the bank's existing sustainability-linked loans and green loans products to offer a number of options to support businesses in realizing their climate-related objectives, it said.
- In reference to the RBC-EDC sustainable financing, RBC, through a risk-sharing pilot solution with Export Development Canada, will provide up to $1B in financing over the next three years to support Canadian firms in their transition to eco-friendly operations.
- The move comes as a raft of high-profile lenders continue to add more sustainable-related products to their offerings in a bid to incentivize businesses to operate in a more environmentally friendly way. HSBC Bank USA of the U.K.'s HSBC Holdings ( HSBC ), for instance, provides similar ESG-focused products .
- Earlier this week, (Nov. 14) Visa, Royal Bank of Canada collaborate to provide benefits to latter's cardholders .
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Royal Bank of Canada adds new solution to its sustainable finance product suite