Canada’s largest bank will reveal its ratio of financing for low-carbon energy projects relative to fossil fuel projects, under an agreement with New York City Comptroller Brad Lander. U.S. banks Citi and JPMorgan have also agreed to report the new metric. (The Logic)

Talking point: In exchange, the Comptroller agreed to withdraw shareholder resolutions it filed on behalf of New York City pension funds it controls which are invested in the banks. The RBC shareholder proposal highlighted inconsistencies between the bank’s climate commitments and its growing support for the fossil fuel industry. The information on the banks’ clean energy financing will give investors a better sense of their progress on the energy transition. “The pace at which low-carbon energy supply is scaled up will dictate the rate at which fossil fuels are phased down,” reads the Comptroller’s proposal, which RBC had originally urged shareholders to vote against at the bank’s annual meeting next week.