When I became involved with Fossil Free Books in March, I did not anticipate how toxic the name Baillie Gifford would become, or how quickly. The firm, once thought of as a benevolent supporter of the arts, is now better known for its investments in environmental destruction. Nine literary festivals and three art galleries are no longer receiving funding from Baillie Gifford. Such shifts may not feel like victories, but in several important ways they are.
Fossil Free Books came together last summer after Greta Thunberg announced she was pulling out of the Edinburgh international book festival amid concerns over the fossil fuel investments of its sponsor, Baillie Gifford. At the time, Baillie Gifford stated that its investments in fossil fuels were 2% compared with an industry standard of 11%. Which raises the obvious question: if these investments are so low, then surely divestment is not so hard to achieve without denting profits?
