On Friday, October 2nd 2020, the Royal Bank of Canada (RBC) announced that it would not be funding new oil drilling projects in the Arctic. Neither would the giant bank be financing new coal-fired projects. Andrew Block, speaking on behalf of RBC, said "We are committed to finding ways to balance the transition to a low-carbon economy."

1a) Thinking about our class discussion on the purpose of a business, and drawing on conceptsfrom class on corporate social responsibility, explain this decision. (5 points)