Campaign group Fossil Free Books has issued a renewed call for Baillie Gifford, a major investment firm, to divest from the fossil fuel industry and companies implicated in human rights abuses. The organisation also urges literary festivals and prizes sponsored by Baillie Gifford to leverage their partnerships to advocate for change.

“We continue to call on Baillie Gifford to divest from the fossil fuel industry. We also call on all literary festivals and prizes sponsored by Baillie Gifford to use their unique relationship with the firm to call on Baillie Gifford to divest from the fossil fuel industry,” Fossil Free Books said in a statement to How To Be Books.

Read: Top authors call on Baillie Gifford to end fossil fuel ties

The criticism towards Baillie Gifford revolves around its reported investments in companies such as Petrobras, CNOOC, and Equinor, which are involved in controversial environmental projects near the Amazon River, the East Africa Crude Oil Pipeline, and the Rosebank oilfield. These projects have raised significant environmental and social concerns, including threats to biodiversity and the displacement of local communities.

Fossil Free Books also highlights a December 2023 report that names Baillie Gifford as a top European investor in illegal Israeli settlements in the Occupied Palestinian Territories. The organisation stands with Art Workers for Palestine Scotland in urging Baillie Gifford to divest from companies profiting from what they describe as “Israeli apartheid and genocide,” which violate international law. The cultural destruction in Gaza due to conflict is of particular concern to Fossil Free Books, reiterating the impact on writers and the broader cultural heritage.

Read: Society of Authors to vote on fossil fuels and Gaza resolutions in Extraordinary Meeting

“Given that these investments make up a small percentage of Baillie Gifford’s portfolio, it should be achievable for Baillie Gifford to divest from them, while continuing to support the UK literary scene,” the group asserts, noting Baillie Gifford’s existing exclusion policies for companies involved with nuclear weapons and cluster munition production.

The call to action extends to the literary community, including authors, translators, illustrators, publishers, and editors, to unite in urging Baillie Gifford towards ethical divestment. Fossil Free Books points out the importance of literary festivals to the livelihoods of these creatives and seeks a solution that maintains these essential cultural events while addressing ethical concerns.

Fossil Free Books has also outlined actions for authors invited to Baillie Gifford-sponsored festivals, recommending they either decline their invitations or use their appearances to call for divestment. The organisation is also coordinating support for authors who choose to take a stand, recognising the financial constraints many face in the industry. “We look forward to speaking to Baillie Gifford and making this case to them,” Fossil Free Books added.

Baillie Gifford responds to claims

A Baillie Gifford spokesperson responded to the statement, telling How To Be Books it was “not a significant fossil fuel investor”.

“Only 2% of our clients’ money is invested in companies with some business related to fossil fuels. This compares to the market average of 11%. Of those companies, some have already moved most of their business away from fossil fuels, and many are helping to drive the transition to clean energy,” they continued.

However, the spokesperson added that the company would analyse all the businesses it currently invests in and believes “they must act responsibly and legally. We take this duty seriously and, like other firms in our industry, are guided by international sanctions.”