FTAdviser readers have defended Baillie Gifford in a row over its sponsorship of the Edinburgh International Book Festival.
Debate on the investment firm's involvement with the cultural event started after climate activist Greta Thunberg pulled out of the festival after accusing sponsor Baillie Gifford of greenwashing.
Then, on Saturday (August 13), author Mikaela Loach accused Baillie Gifford of “bankrolling the climate crisis” and walked out of her own event, followed by a crowd from the audience.
The investment company invests 2 per cent of its clients’ money in businesses related to fossil fuels, which it claims is less than other firms.
FTAdviser readers leapt to the defence of the investment firm, with one writing:
The action was called "misguided and childish" by a second reader. They said: "Trying to cancel sponsorship of this event by a very reputable investment house like Baillie Gifford can only damage authors' interests.
"Everyone in the UK requires oil and gas to live currently, every light you turn on and EV you charge use these products."
Another reader said:
According to the United Nations, fossil fuels account for more than 75 per cent of global greenhouse gas emissions and nearly 90 per cent of all carbon dioxide emissions leading to global climate change.
For this reason, Loach said finance has to be removed from fossil fuel companies.
She added: “We’ve got to remove that finance from them with any tactic that we can, we have to stop them from being able to exist.”
Despite the backlash, Baillie Gifford and the Edinburgh International Book Festival refused to bow to pressure.
In a statement, Baillie Gifford said: "We are investing on behalf of our clients to grow their savings and retirement funds. When we invest in companies on their behalf, we do so over long time periods - typically 10 years or more - so this has naturally led us away from traditional fossil fuel firms."
tara.o'connor@ft.com
What's your view?
Have your say in the comments section below or email us: ftadviser.newsdesk@ft.com
