RBC today announced the creation of the RBC Blue Water Project, a 10-year, $50 million grant program to support projects dedicated to water conservation, watershed protection, access to clean drinking water, and other water-related issues in Canada and around the world.

The bank says this is the largest charitable commitment ever in the company’s history.

“Lack of access to clean fresh water is considered to be one of the major threats to human health and economic development around the world. The demands on this limited resource continue to grow, even in Canada, where we have one of the world’s largest supplies of freshwater,” says Gordon Nixon, president and CEO, RBC. “This is an urgent global humanitarian crisis, and is becoming an economic crisis, in both developed and developing nations, if industries that need fresh water for their operations can’t find it.”

The projects will have three grant streams:

  • multi-year “visionary” grants to global organizations that show vision, foresight and innovation to support programs around the world, and within Canada;
  • annual “leadership” grants given to organizations that are leaders in providing regional programs within North America; and
  • ongoing “community action” grants given to community-based organizations in Canada, the United States and the Caribbean to support local water conservation projects.

    RBC will announce its first grant recipient on October 29. Following that announcement, a panel of experts will be assembled to develop the overall granting strategy and guidelines. The banks say project will be fully operational in April 2008.

    RBC today also unveiled its Environmental Blueprint, which formalizes the company’s commitment to environmental sustainability.

    The blueprint includes RBC’s commitments to reduce its environmental footprint, and outlines how the company will approach new and emerging environmental issues in its business activities.

    The bBlueprint includes the company’s revised environmental policy, originally drafted in 1991, and takes into consideration new and emerging issues related to climate change, biodiversity, forests, the rights of indigenous peoples and water. RBC says it consulted a number of environmental organizations in the development of the blueprint, including WWF-Canada and The Ethical Funds Company.