While this may look like RGB due to the red green and blue color coding on the wires or connectors it is not. Component video is a form of compression used with DTV and DVD for consumer applications.
The green wire is the black and white video portion of the signal. The red and blue represent the color difference signals which are encoded from the original RGB source. The signals on the red and blue are significantly less than the green and that conserves bandwidth requirements. Once this signal enters the display is must be decoded back to RGB to display the image.
Image from Blue Jean Cables