EIBF responds to author concerns over Baillie Gifford sponsorship

The Edinburgh International Book Festival director Nick Barley has responded to an open letter signed by authors including Zadie Smith, Ali Smith, Monique Roffey and Gary Younge, in which they threatened to boycott Edinburgh Book Festival 2024 if action isn’t taken to “find alternative sponsors” to Baillie Gifford.

Signed by more than 50 authors, the letter was issued on 11th August and called on lead sponsor of the 2023 festival and investment management firm Baillie Gifford to divest funding in fossil fuel corporations, as “these corporations fuel the climate crisis,” stating: “They’re making huge profits from global disaster, and hide behind esteemed institutions, like the Edinburgh Book Festival, as sanction for its continued operations.”

It goes on: “The only meaningful change is divestment. I call on Baillie Gifford to divest its £5bn from fossil fuel companies. If it does not do so, I call on the Edinburgh Book Festival to find alternative sponsors for 2024. If it does not, I call on all authors to commit to boycotting the festival in 2024."

Nick Barley, director of Edinburgh International Book Festival, has now responded to the letter, saying the organisation “promises to think about your letter carefully”. 

It reads: “Dear authors, Thank you for your letter about the Edinburgh International Book Festival’s sponsorship by Baillie Gifford.

“Writers are the lifeblood of this festival. We exist to offer you and your readers the chance of open discussion about the things that matter to you. We fully acknowledge your concerns about the devastating impact of fossil fuel exploitation on the climate: as individuals and as a charity we firmly agree.

“For these reasons we promise to think about your letter carefully. The last thing we want is to let anyone give the impression we are on opposite sides. Just as we promise to listen carefully to you, we ask that you allow us some time to consider your comments. We’d also like to share with you the reasons why we have accepted this sponsorship agreement.”

Barley continues that “like all arts organisations in the UK, we wouldn’t have enough funds to operate without private sponsorship” and that, having looked “very closely” at the work of Baillie Gifford, “it seems to us that they are in fact investing in companies that are seeking to resolve the crisis”.

Those companies include Ørsted, the Danish windfarm specialist, which was mandated by the Danish government to keep two coal-fired power stations open until 2024 as a result of Russia’s invasion of Ukraine. “That is the only reason why a small percentage of their income still comes from fossil fuels,” Barley’s response continues.

“I hope you will talk with me and my colleagues, and discuss the complexities of this issue with us. Surely the best place for such conversations is at Book Festivals like ours. I invite you to the festival because I believe in the power of your words. I am keen to learn from you about this; to hear your expertise; to understand your perspective. I promise to consider what you say carefully, and keep an open mind about how to proceed,” he writes.

“For that reason I’m proposing that we talk at the festival – with each other and with audience members who share the same concerns. Let’s talk in the Authors’ Yurt, in the bookshop, in the cafe and in the festival courtyard. Let’s talk in our theatres too: I’d like to find a time when we can invite representatives from across the spectrum of opinion to come on stage and have a discussion which will be open to the public. We’ll find a date when that’s possible and you’d be more than welcome to join us. Can we talk?”

Earlier this month, Greta Thunberg pulled out of an event she was scheduled to take part in at the festival, accusing Baillie Gifford of "greenwashing".

At the time, a spokesperson for Baillie Gifford said: “We are 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.

“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.

"Currently, 5% of our clients’ money is invested in companies whose sole purpose is to develop clean energy solutions. We believe in open debate and discussion which is why we are long-term supporters of the Edinburgh International Book Festival.”