The Edinburgh International Book Festival has concluded its 20-year sponsorship partnership with Edinburgh-based investment firm Baillie Gifford. This decision comes following significant pressure from activists and authors, citing the firm’s ties to the fossil fuel industry and companies associated with Israeli settlements in occupied Palestine.

The separation announcement follows a similar move by the Hay Festival, which also suspended its sponsorship from Baillie Gifford the previous week. Activists, including climate change protesters and the group Fossil Free Books, have been vocal in their demand that Baillie Gifford divest from fossil fuels and companies accused of human rights violations in Palestine.

Climate activist Greta Thunberg had earlier canceled her appearance at the Edinburgh festival, and over 50 authors called for the end of the sponsorship deal, further escalating the pressure. The festival’s chair, Allan Little, and chief executive, Jenny Niven, expressed concerns over the continued viability of the festival amid these controversies, stressing that the relentless activist pressure had made it difficult to ensure a safe and sustainable event.

Baillie Gifford has maintained that only 2% of its investments involve companies related to fossil fuels, significantly below the market average. The firm also defends its ethical record, emphasizing its investments in clean energy and global tech companies like Tesla, Amazon, and Meta.

More than 700 publishers and writers, including notable figures like George Monbiot and Michael Rosen, have signed statements urging festivals to sever ties with Baillie Gifford. The pressure has led to heavy scrutiny on the firm and the festivals it supports regarding their financial ties and ethical implications.

The Edinburgh International Book Festival, scheduled for August, will now proceed without Baillie Gifford’s sponsorship, raising concerns about future funding for the arts.