The Royal Bank of Canada (RBC) and Carbonhound, a greenhouse gas emissions reporting platform, have announced a collaboration to help businesses measure, verify, and manage their carbon emissions.
According to RBC, the initiative is part of its efforts to support businesses adapt to evolving environmental regulations and sustainability expectations. As regulatory requirements and stakeholder demands for environmental, social, and governance (ESG) transparency increase, businesses face pressure to track and report their carbon emissions accurately. RBC’s partnership with Carbonhound aims to provide companies with a platform to streamline emissions management, reporting, and reduction strategies.
Through this collaboration, RBC’s commercial clients can access Carbonhound’s platform, which automates data collection for Scope 1, 2, and 3 greenhouse gas emissions. The platform integrates with multiple data sources to reduce manual entry errors and follows global standards such as the Greenhouse Gas Protocol and ISO 14064. Businesses can generate emissions reports aligned with reporting frameworks, including the Carbon Disclosure Project (CDP), Science Based Targets Initiative (SBTi), International Sustainability Standards Board (ISSB), and Canadian Sustainability Standards Board (CSSB). The platform also enables companies to benchmark their progress and share their climate impact with stakeholders.
In addition to reporting, Carbonhound’s platform supports businesses in setting carbon reduction targets, implementing sustainability initiatives, and investing in carbon credit portfolios. The platform is designed to assist organizations in managing their emissions while identifying opportunities for operational efficiencies.
In a press release, RBC stated that this initiative is part of its broader strategy to assist businesses in their sustainability efforts. Niranjan Vivekanandan, EVP and chief operating officer of commercial banking at RBC, said the collaboration intends to provide businesses with tools to manage and report carbon emissions. He noted that the partnership aims to support Canadian companies in tracking their progress toward emissions reduction goals.
The initiative aligns with RBC’s Climate Blueprint, which includes commitments to supporting emissions reductions among its clients. In 2024, RBC set a goal to triple its lending to renewable energy across RBC Capital Markets and Commercial Banking and to allocate $1 billion by 2030 to support climate-related innovations.
Sanders Lazier, CEO and co-founder of Carbonhound, stated that sustainability reporting had become essential for businesses operating in global markets. He said collaborating with RBC will provide Canadian companies access to sustainability data that can support their decision-making and long-term planning.