Film Industry Figures Urge TIFF to End RBC Sponsorship
There is a new development where actors and directors are calling the Toronto International Film Festival (TIFF) to end its partnership with the Royal Bank of Canada (RBC). More than 200 high profile figures in the film industry including Mark Ruffalo and Edward Norton are rallying TIFF to end its relationship with RBC.
In an open letter which Joaquin Phoenix, Julianne Moore among other big players in the industries are signatories, RBC is being accused of being world’s worst polluters citing its investments in the oil and gas industry while also being dismissive of the rights of Indigenous people.
The controversy surrounding RBC’s sponsorship of TIFF centers on the bank’s involvement in industries that are at odds with the festival’s purported values. Critics argue that RBC’s support for industries like fossil fuels and the arms trade conflicts with TIFF’s commitment to social and environmental responsibility.
“If we are to play a meaningful role in countering the climate crisis and stand in solidarity with Indigenous Peoples, we cannot be blind to our industry’s role in shaping culture. We cannot implicitly endorse RBC by allowing it to be the leading partner of Canadian film,” reads the letter.
Furthermore, the Royal Bank of Canada (TSE: RY) has faced allegations of unethical practices, including funding projects linked to the violation of Indigenous rights and environmental degradation.
Prominent actors and directors have joined forces to voice their concerns about this partnership. They argue that TIFF, as a platform for artistic expression and social change, should align itself with sponsors who share these values.
Citing a recently released report from investors for Paris compliance, it was established that RBC had over $54 billion in fossil fuel lending and underwriting in 2022 easily ranking the bank among Canada’s big six banks.
“RBC is silent on climate in its lobbying policy, but continues to issue reports for increased fossil fuel production in Canada, which would raise Canada’s emissions,” read the report.
