HSBC suspend banker who described climate change warnings as 'unsubstantiated'

HSBC suspend banker who described climate change warnings as 'unsubstantiated'
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Jamie  Micklethwaite

By Jamie Micklethwaite

Published: 23/05/2022

- 08:29

Updated: 14/02/2023

- 11:19

Stuart Kirk told a conference there is 'always some nut job telling me about the end of the world'

Lending giant HSBC has reportedly suspended a senior banker after he dismissed climate change warnings as “unsubstantiated” and claimed central bankers have exaggerated global warming risks.

Stuart Kirk – head of responsible investing at HSBC – has been suspended while the bank carries out an internal investigation into a controversial presentation he made at an event in London last week, according to the Financial Times, which first reported the story.

The bank has come under pressure to sack Mr Kirk after he told a conference there is “always some nut job telling me about the end of the world” and showed slides stating that “unsubstantiated, shrill, partisan, self-serving, apocalyptic warnings are ALWAYS wrong”.

In the presentation, entitled “Why investors need not worry about climate risk”, he accused officials at the United Nations and the Bank of England of overstating the financial risks of climate change.

File photo dated 03/08/09 of a HSBC branch in London as the bank seen first-quarter profits tumble by more than a quarter after taking a hit on expected bad debts due to the Ukraine war and soaring inflation. Issue date: Tuesday April 26, 2022.
Tim Ireland

“Who cares if Miami is six metres underwater in 100 years? Amsterdam has been six metres underwater for ages and that’s a really nice place,” he told shocked attendees at the Financial Times’ Moral Money conference last Thursday.

HSBC chief executive Noel Quinn denounced the comments over the weekend, saying in a LinkedIn post that “they are inconsistent with HSBC’s strategy and do not reflect the views of the senior leadership of HSBC or HSBC Asset Management”.

He said: “I do not agree – at all – with the remarks made at last week’s FT Moral Money Summit.

“Our ambition is to be the leading bank supporting the global economy in the transition to net zero.

“We have a lot of work to do, and I am determined that our team won’t be distracted by last week’s comments,” Mr Quinn added.

But it is understood that the presentation theme had been agreed internally.

The bank has not yet issued a formal statement on the reported suspension of Mr Kirk and was not immediately available for comment.

It is particularly embarrassing for HSBC, which has been seeking to boost its green credentials, with investors recently voting to back a new climate pledge.

The group put the plans to vote at its annual general meeting after pressure from shareholders, including ShareAction, a group with more than 2.4 trillion US dollars (£1.7 trillion) invested in global assets.

Mr Kirk was appointed to head up HSBC’s responsible investing unit in July 2021 – a role that involves looking at the risks to investments of environmental, social and governance (ESG) issues.

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