Fossil Free Books (FFB), a collective of workers in the literary industry, expressed approval following the Edinburgh International Book Festival’s (EIBF) decision to sever ties with Baillie Gifford due to the investment firm’s controversial holdings. This decision marks the end of a long-standing 20-year sponsorship relationship between the two entities. It comes as the Hay Festival also suspended their sponsorship with the company.

Read: Hay Festival suspends Baillie Gifford sponsor amid pressure

“We welcome the news that Edinburgh International Book Festival has dropped Baillie Gifford as a sponsor,” stated FFB. The group has criticised Baillie Gifford for holding investments worth billions in fossil fuel enterprises and companies linked to alleged Israeli human rights abuses.

“Over the last eighteen months, research by multiple human rights NGOs has shown that Baillie Gifford holds investments worth billions in fossil fuel companies and companies with links to Israeli occupation, apartheid and genocide,” FFB added, citing a moral imperative for divestment.

FFB’s campaign has received significant support within the industry, with over 800 authors and industry workers endorsing their call for divestment. The collective stressed, “This is a victory for authors, academics, editors, translators, publishers, journalists and festival staff organising as workers, and for international solidarity with Palestine.”

Read: Literary coalition call on Baillie Gifford to cut ties with Israeli defence on Nakba anniversary

In contrast, EIBF and Baillie Gifford have framed the end of their partnership as a regrettable necessity. Jenny Niven, chief executive of EIBF, commented, “The pressure on our team has simply become intolerable… We have a major global festival starting in 10 weeks’ time and we need to focus all of our efforts and energy on delivering a safe and successful event for our audiences.”

Baillie Gifford defended its investment practices. Nick Thomas, a partner at the firm, said, “Baillie Gifford is a long-term investor with high ethical standards… The assertion that we have significant amounts of money in the Occupied Palestinian Territories is offensively misleading.”

Despite the controversy, EIBF plans to proceed with its annual festival, scheduled from August 10-25, promising a programme that includes discussions on conflict resolution, green technology, and climate finance.

FFB remains steadfast in their advocacy, reiterating that their approach has always been non-coercive and supportive of authors’ individual choices. “We have not spread misinformation. Our statement refers to research by reputable international NGOs, we have simply made this information public,” they clarified.