The Royal Bank of Canada this week unveiled a partnership with Toronto’s Carbonhound, an automated greenhouse gas emissions reporting platform.
The collaboration between RBC and Carbonhound is designed to help Canadian businesses measure, verify, and manage their emissions.
As regulatory requirements intensify, Canadian businesses face increased demands to accurately report their emissions and other environmental risks.
“Sustainability reporting has become table-stakes for businesses that want to work in global supply chains and attract top-tier talent,” comments Sanders Lazier, cofounder of Carbonhound.
Collecting and analyzing this data can also provide organizations with valuable insights to help manage their environmental impact, drive efficiencies, and achieve cost savings, according to a statement from RBC.
“This collaboration reflects our commitment to supporting clients with their own climate transitions by providing tailored advice and sustainable finance solutions to help facilitate change,” stated Niranjan Vivekanandan, executive vice president of Commercial Banking at RBC.
Through the partnership, RBC’s commercial clients can now access Carbonhound’s platform. This includes access to technology that can streamline emissions tracking, simplify reporting, and implement strategies around carbon usage.
“We are excited to work with Carbonhound to offer our clients an accessible solution that is designed to manage and report carbon emissions,” said Vivekanandan. “Together, we aim to enable Canadian businesses to make and measure progress in their transition to a low-carbon economy.”
Vivekanandan says the move aligns with RBC’s Climate Blueprint, which lays out the bank’s climate strategy to support clients who reduce their greenhouse gas emissions.
For example, last year RBC set a goal to triple lending to renewable energy across RBC Capital Markets and Commercial Banking. The bank also allocated $1 billion to support the development and scaling of “innovative climate solutions” by 2030.
Carbonhound appears to be one such solution.
“We are excited to work with RBC to help enable Canadian businesses to compete more effectively and expand their margins through sustainability data,” said Lazier.
The Canadian startup was founded by Lazier alongside Kyri Paterson in 2021 and in 2023 joined Intuit’s Prosperity Accelerator.
RBC can significantly help its SMB customers, especially manufacturers exporting and seeking market diversification, by offering them the environmental credibility they need, the ISO 14001 Environmental Standard certification, now easy, fast and very affordable with greenmark online.