Baillie Gifford, one of the UK’s largest and most established investment management firms, has responded to accusations of greenwashing from climate activist Greta Thunberg. Thunberg was scheduled to speak at the Edinburgh International Book Festival, but decided to withdraw her participation after claiming that Baillie Gifford, a major sponsor of the event, had significant investments in the fossil fuel industry.
Thunberg stated on the festival’s website, “As a climate activist, I cannot support an event that is sponsored by Baillie Gifford, a company heavily involved in the fossil fuel industry. Greenwashing tactics employed by fossil fuel companies, such as sponsoring cultural events, allow them to maintain societal acceptance and continue their operations. I do not want to be associated with events that accept this kind of sponsorship.”
However, Baillie Gifford, a sponsor of the festival for almost two decades and manager of the Scottish Mortgage Investment Trust, one of the UK’s largest funds, has refuted Thunberg’s claims. The company states that it is not a major investor in fossil fuels, with only 2% of its clients’ funds invested in companies related to fossil fuels. This is significantly lower than the market average of 11%. Moreover, many of these companies have already transitioned away from fossil fuels or are actively contributing to the development of clean energy solutions.
Baillie Gifford further highlights that 5% of its clients’ funds are invested in companies exclusively focused on clean energy solutions. They argue that these investments are aligned with efforts to combat climate change and support the transition to cleaner sources of energy.
Thunberg’s decision to withdraw from the festival comes after an investigation by Scottish investigative journalism platform, the Ferret, revealed that Baillie Gifford had £5 billion invested in companies operating in the oil, coal, or gas sectors at the end of 2022. However, this represents a small portion of the company’s total investments worth £223 billion.
This incident is not the first time a celebrity has boycotted an event due to fossil fuel sponsorship. In the past, the departure of notable figures has led organizers to sever ties with sponsors. For example, the British LGBT Awards ceased partnerships with Shell and BP when several nominees and judges, including comedian Joe Lycett, withdrew their participation due to the event’s associations with fossil fuel companies.
Similarly, in 2018, musician Neil Young pressured Barclaycard to withdraw sponsorship from the British Summer Time show he was set to perform in Hyde Park. Young criticized the promoter for selecting a sponsor he believed funded fossil fuel extraction.
Nick Barley, director of the Edinburgh International Book Festival, expressed respect for Thunberg’s decision while emphasizing the festival’s commitment to providing a platform for discussions on crucial issues, including the climate emergency. Barley acknowledged Baillie Gifford’s long-term support as crucial in enabling the festival’s charitable organization to fulfill its mission. He also acknowledged Baillie Gifford’s role in addressing the climate emergency, highlighting their early investments in climate-positive companies and their rapid progress throughout their 19-year relationship with the festival.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
