An open letter bringing together more than 300 personalities from the film industry implores the Toronto International Film Festival (TIFF) to divest itself of one of its main sponsors, the Royal Bank (RBC), because of its significant financial support for fossil fuels.
Among the signatories are several Hollywood stars, including Mark Ruffalo, Rachel McAdams and Joaquin Phoenix. Quebec filmmakers Anaïs Barbeau-Lavalette and Charles Binamé are also part of the lot.
While TIFF has been in full swing in the Queen City since last week, this missive is a reminder that RBC was the largest funder in the world in 2022 for the fossil fuel industry. The financial institution in fact granted US$42 billion to this sector last year, which is US$3 billion more than in 2021. The five major Canadian banks have all increased their financing of fossil fuels since the Paris Agreements on the climate, in 2015. But the RBC stands out, with investments approaching 254 billion between 2016 and 2022, far ahead of Scotiabank, which comes in second place with 173 billion in six years.
“We would not want TIFF to replace RBC with Scotia or TD. But RBC is truly in a league of its own […]. She is really recognized for a greenwashing strategy [écoblanchiment] very well put together. This is therefore the perfect case if we want to set an example. TIFF is one of the biggest festivals in the world, I am convinced that it will be able to find new sponsors,” underlines Montreal director Elza Kephart, spokesperson for Filmmakers Against Greenwashing, a group that is origin of this open letter.
Mme Kephart is referring to the investigation launched last year by the Competition Bureau into RBC, which was accused of having adopted misleading marketing messages about the environment. The bank responded by saying instead that it was working to “find solutions to help Canada meet its net zero commitments.”
Principles, but at what cost?
RBC is one of four major corporate sponsors of this edition of TIFF. The festival’s main financial partner, Bell, has already announced that its collaboration with the prestigious event will end in December.
It would therefore be surprising to say the least if TIFF ended its association with RBC for environmentalist principles. The day after the publication of the letter from Filmmakers against greenwashing, the festival said it was in “active discussions with the RBC”, adding to appreciate “their openness to initially engage in dialogue”.
“We are committed to environmental sustainability and recognize the importance of quickly and collaboratively combating climate change,” reiterated Monday in a written statement the vice-president of public affairs and communications of the event, Judy Lung.
Hypocrisy
TIFF is now one of the four most important film festivals in the world, along with Cannes, Venice and Berlin. For two weeks each year, it brings together the crème de la crème of the industry, usually including several international stars.
Many of these multimillionaires, who often travel by private jet, do not have a reputation for having a particularly eco-responsible lifestyle. Isn’t it hypocritical that some of them are now outraged that TIFF is partnering with RBC?
“I don’t know if the main signatories of the letter are traveling by private jet. I understand that some may find it hypocritical, but at least they agree to do something for such an important cause. You have to start somewhere! And the support of these very well-known people is important. If they had not signed the letter, perhaps we would not be talking about it,” emphasizes Elza Kephart.