Baillie Gifford hits back at Greta Thunberg's 'greenwashing' accusations
Baillie Gifford has hit back at Thunberg’s accusations, saying it is not a 'significant fossil fuel investor'.
Thunberg was supposed to appear at the Edinburgh International Book Festival at a panel on climate change scheduled for 13 August, but pulled out of the event on Friday (4 August). Baillie Gifford is the lead sponsor of the festival.
The climate activist explained her move followed an investigation by news site The Ferret at the end of July, which claimed the Scottish asset manager had billions invested in companies that profit from fossil fuels.
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The event Thunberg was supposed to attend has since been cancelled, with the activist saying: «I am unfortunately unable to attend the Edinburgh Book Festival. As a climate activist I cannot attend an event which receives sponsorship from Baillie Gifford, which invests heavily in the fossil fuel industry.
»Greenwashing efforts by the fossil fuel industry, including sponsorship of cultural events, allow them to keep the social license to continue operating. I cannot and do not want to be associated with events that accept this kind of sponsorship."
Baillie Gifford has hit back at Thunberg's accusations, arguing it is not a «significant fossil fuel investor».
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Nick Thomas, partner at Baillie Gifford, said: «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
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