-
Greta Thunberg has accused a large investment management firm of greenballing.
-
As a result, Thunberg decided not to speak at the book festival.
-
The company issued a statement saying that its ties to the fossil fuel industry are unimportant.
Greta Thunberg will no longer appear at this week’s major Scottish Book Festival, saying she does not want to be “associated with events” linked to the fossil fuel industry.
Climate activist It is set to appear in Edinburgh The International Book Festival, which will start on August 12, for an event called “Greta Thunberg: It’s Never Too Late to Change the World,” but said Friday that it would not attend, accusing the main sponsor, Bailey Giffordan investment management company based in the United Kingdom, from “Greenwashing”.
Greenwashing refers to the phenomenon of ostensibly businesses or companies Marketing itself as environmental conscious but, in practice, does not live up to those standards. Case in point when critics accused Coca-Cola and the United Nations of greenwashing the 2022 COP27 climate talks, citing plastic pollution from company products.
fast fashion companies Like H&M And Zara too They are accused of greenwashing To promote recycling initiatives while millions of tons of their polyester and nylon garments end up in landfills.
“As a climate activist, I cannot attend an event that is sponsored by Baillie Gifford, who is investing heavily in the fossil fuel industry,” This was stated in a statement published on the festival’s website. “Greenwashing efforts by the fossil fuel industry, including sponsorship of cultural events, allows them to maintain social license to continue operating. I cannot and do not want to participate in events that accept this type of sponsorship.”
In response to Thunberg’s statement, Baillie Gifford said he was not a “significant fossil fuel investor” and that “only 2% of our clients’ money is invested in companies that have some fossil fuel related business.”
Thunberg’s decision to pull out of the festival comes after an investigative news site in Scotland known as mongoose A report has been written Bailey Gifford Investments associated with the fossil fuel industry (or companies profiting from it) totaling $4.5 billion.
Festival director Nick Parley responded in the same statement, defending the company’s support of the Book Festival.
“I share Greta’s view that the rate of progress in all spheres of society is not sufficient,” Barley wrote. “However, in applauding Greta for standing by her principles, we too must stand by ours.”
He added, “The Book Festival exists to give a platform for discussion and debate on the major issues affecting humanity today – including the climate emergency… We strongly believe that Billy Gifford is part of the solution to the climate emergency.”
This isn’t the first time the investment firm has come under fire for its holdings in the fossil fuel industry. in 2020, The Ferret also posted a story Showing the company’s shares in fossil fuel companies.
Read the original article at Business interested
