RBC’s McKay Faces Scrutiny on Climate From Canadian Lawmakers

Royal Bank of Canada’s chief executive officer heard tough questioning over its lending to the oil and gas sector as the heads of the country’s five largest banks were summoned to a parliamentary committee.

CEO Dave McKay was accused by Matthew Green, an Ontario lawmaker, of “pouring fuel on the fire” of climate change. Canada’s largest bank has been the target of public protests because it’s among the world’s largest financiers of fossil fuel companies.

The Toronto-based lender has set a goal of facilitating C$500 billion ($364 billion) in sustainable finance by 2025. McKay said the transition to ...