More than 200 authors, including Naomi Klein, Sally Rooney, and George Monbiot, have signed a statement by the group Fossil Free Books (FFB) urging investment firm Baillie Gifford to divest from the fossil fuel industry and companies profiting from “Israeli apartheid, occupation, and genocide.” This demand is linked to a prior statement by the group, which was formed following Greta Thunberg's withdrawal from the Edinburgh International Book Festival in August 2023 due to Baillie Gifford's alleged “greenwashing.”
FFB's statement pushes literary organizations to sever ties with Baillie Gifford if the firm does not comply with their demands. Baillie Gifford sponsors several literary festivals, including the Hay Festival, Cheltenham Literature Festival, and Edinburgh International Book Festival, along with the prestigious Baillie Gifford Prize for Nonfiction.
A spokesperson for Baillie Gifford noted that only 2% of its clients' funds are invested in fossil fuel-related firms, compared to a market average of 11%. They also stated that divesting based on FFB's criteria is not feasible due to regulatory obligations, as the firm manages other people's money.
Notably, an August 2023 open letter signed by over 50 authors and industry figures, including Zadie Smith and Katherine Rundell, called for Baillie Gifford to cease fossil fuel investments, even suggesting a boycott of the Edinburgh festival if demands were unmet.
Despite these ongoing campaigns, the Edinburgh International Book Festival will proceed in August 2024 with Baillie Gifford as a sponsor, aiming to provide a “space for welcome disagreement,” according to Festival Director Jenny Niven.