Briefing

RBC reorganizes European energy team amid new focus on renewables

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The Canadian bank’s energy-banking team in Europe will see Matthew Coakes appointed head of energy for Europe, the Middle East and Africa. Coakes will lead the bank’s new European energy transition initiative along with Ralph Ibendahl, head of renewables coverage in the region. (Bloomberg)

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Talking point: RBC’s focus on renewable energy coincides with a shift that’s already happening in the market. European energy firms like BP and Royal Dutch Shell are leading the industry’s transition to renewable energy, investing billions of dollars in the space and selling off carbon-heavy assets like oil fields. In the first half of 2020, Europe generated more electricity from renewable energy than from fossil fuels for the first time. RBC’s hand in the transition includes helping Italian oil and gas company Eni buy a 20 per cent stake in the U.K.’s Dogger Bank wind-farm project.