Mark Rylance, actors urge Old Vic to sever ties with fossil fuel investor

Actors including Mark Rylance, Paapa Essiedu, and Stephen Dillane have signed an open letter urging the Old Vic theatre to sever ties with a major sponsor due to its connections to fossil fuels, the Observer reveals.

Dozens of actors, playwrights, directors, and other creatives have signed the letter, calling on the historic London theatre to end its relationship with its principal financial partner, the Royal Bank of Canada (RBC). This partnership is up for renewal this year.

The signatories express concern over the hundreds of billions of dollars RBC has invested in fossil fuel projects in recent years. They reference the Banking on Climate Chaos report, which identified RBC as one of the top 12 banks investing in fossil fuel projects over the last eight years. The report states that RBC invested $28.2 billion in fossil fuels in 2023 and $256 billion since the Paris climate agreement in 2016.

The letter also raises issues regarding RBC’s significant shares in weapons manufacturers that have supplied the Israeli military during the war in Gaza.

“The Old Vic, an institution with a prominent and influential role in the arts world, is helping to both enhance the reputation and further the business of one of the world’s biggest financiers of fossil fuel development and investors in war,” the letter stated.

“As those working in theatre and the arts, we recognize that funding pressures across the sector are acute and that the Old Vic, in particular, is more reliant upon commercial and private sources of income. However, we have now seen numerous arts and cultural organizations draw clear ethical red lines and shift away from unethical sponsors and donors.”

A spokesperson for RBC disputed the letter’s contents, noting that the bank has already allocated, and plans to allocate, billions of dollars to the renewable energy sector.

In addition to Rylance, Game of Thrones star Dillane, and Essiedu, who was nominated for a Bafta for his role in I May Destroy You, the letter’s 80 signatories include The End of the F***ing World lead Alex Lawther and several award-winning playwrights, including Caryl Churchill.

Rylance has appeared in plays at the Old Vic and its sister venue in Bristol. In 2019, he resigned from the Royal Shakespeare Company due to its sponsorship deal with BP, which ended later that year.

RBC stated its intention “to triple our lending for renewable energy across capital markets and commercial banking from $5 billion to $15 billion and grow low-carbon lending to $35 billion by 2030.” The bank also mentioned that it follows a globally recognized framework for managing environmental and social risks in project-related finance, considering climate and human rights impacts.

Before financing any project, RBC conducts due diligence to assess whether environmental and social issues have been adequately considered and mitigated.

This open letter introduces a new angle in the ongoing debate over the funding of cultural institutions. Recently, the Hay literary festival dropped its main sponsor, investment management firm Baillie Gifford, over its financial ties to Israel and fossil fuel companies after a campaign in May. Baillie Gifford subsequently pulled out from other literary festivals, including Cheltenham, whose organizers warned that without sponsors like Baillie Gifford, ticket prices would rise, school programs would reduce in scope, and some festivals might face closure.

In a related development, the Observer reported last month that the Science Museum cut ties with oil company Equinor over the sponsor’s environmental record after years of pressure from campaigners.

Cress Brown, one of the letter’s signatories and a theatre director who has worked at the Old Vic’s sister venue in Bristol, stated: “RBC is consistently rated one of the world’s most polluting banks and has shown it is not interested in changing its business model. For this reason, it must be considered in the same ethical category as major polluters such as BP, which many arts institutions, including RSC, have cut ties with.”

“We all know funding is hard work, but a prestigious venue like the Old Vic is in a position to uphold greater ethical standards. This ensures that creative talent is not misused for the benefit of major polluters, human rights abusers, and arms manufacturers.”

The Old Vic commented: “We respect the varied views of our colleagues within the creative community. As a registered charity with no regular public subsidy, the Old Vic relies on ticket sales and philanthropic and corporate donations. We work with various partners to further our mission: to enable anyone to experience, make, and benefit from theatre.”

Source: The Guardian, Observer