HSBC suspends head of responsible investing who called climate warnings ‘shrill’
HSBC has suspended a senior banker after he referred to climate crisis warnings as “unsubstantiated” and “shrill” during a conference speech that has since been denounced by the lender’s chief executive.
Stuart Kirk, who has been HSBC’s head of responsible investing since last July, will remain suspended until the bank completes an internal investigation into the matter.
HSBC came under pressure to fire Kirk after he gave a presentation in London entitled “why investors need not worry about climate risk”, in which he made light of major flooding risks, and complained about having to spend time “looking at something that’s going to happen in 20 or 30 years”.
HSBC declined to comment on Kirk’s suspension, which was first reported by the Financial Times. Kirk did not respond to requests to comment sent via LinkedIn or Twitter.
Kirk’s presentation controversially included slides that said “Unsubstantiated, shrill, partisan, self-serving, apocalyptic warnings are ALWAYS wrong”, while referring to comments made by officials at the UN and Bank of England, who have tried to raise the alarm over global heating.
“Human beings have been fantastic at adapting to change, adapting to climate emergencies, and we will continue to do so,” Kirk told attenders at the Financial Times’ Moral Money conference on Thursday. “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.”
His comments have sparked a public relations controversy for the bank, which has struggled to burnish its green credentials, despite pledges to achieve net zero emissions by 2050.
It prompted bosses, including HSBC’s chief executive Noel Quinn, to denounce Kirk’s comments, insisting that they
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