HSBC fired a senior banker after he described the climate crisis warnings as “unproven” and “screaming” during a speech at a conference that has since been condemned by the creditor’s chief executive.
Stuart Kirk, who has been responsible for HSBC’s responsible investment since last July, will remain suspended until the bank completes an internal investigation into the matter.
HSBC was pressured to fire Kirk after he gave a presentation in London entitled “Why investors should not worry about climate risk”, in which he highlighted the high risks of floods and complained that he should spend time to “watch something happen in 20 or 30 years”.
HSBC declined to comment on Kirk’s removal, which was first reported by the Financial Times. Kirk did not respond to comments for comment sent via LinkedIn or Twitter.
Kirk’s presentation included controversial slides saying “Unreasonable, piercing, biased, self-serving, apocalyptic warnings are ALWAYS wrong”, citing comments from UN officials and the Bank of England, who tried to raise concerns. global warming .
“Human beings have been fantastic at adapting to change, adapting to climate emergencies, and we will continue to do so,” Kirk told attendees at the Financial Times conference on moral money on Thursday. “Who cares if Miami is six meters underwater in 100 years?” Amsterdam has been six meters underwater for centuries and it’s a really nice place. “
His comments have sparked controversy over public relations for the bank, which is struggling to smooth over its green powers, despite promises to achieve net zero emissions by 2050.
This prompted bosses, including HSBC CEO Noel Quinn, to condemn Kirk’s comments, insisting they did not reflect the bank’s views on the climate crisis.
“I do not agree – at all – with the remarks made at the FT moral money summit last week,” Quinn said in a post on LinkedIn on Saturday. “They are incompatible with HSBC’s strategy and do not reflect the views of HSBC’s senior management or HSBC Asset Management. 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 will not be distracted by last week’s comments,” Quinn added.
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Climate activists welcomed Kirk’s removal, but said HSBC had questions to answer about the extent to which Kirk’s views were known or supported by the bank.
“Kirk may be about to leave, but that opens a new box of worms for HSBC,” said Bo O’Sullivan, a senior campaigner for Bank on the Future. “Now the bank needs to explain how such insulting and inaccurate comments were signed, the extent to which other CEOs share Kirk’s views and the culture of HSBC that has allowed the comments to pass unquestionably.
“Generally speaking, this is another huge criticism of HSBC’s reputation for climate, which it has been trying to smooth out lately,” O’Sullivan said. “Investors, customers and regulators must rightly question the Bank’s climate promises, including its forthcoming oil and gas policy, not forgetting that HSBC is facing potential action by the greenhouse advertising regulator. “.
Kirk, a former editor of the Lex column of the Financial Times, was appointed head of responsible investment in July 2021, leading him on a team responsible for analyzing environmental, social and managerial (ESG) risks that could affect of the investment of the asset management unit. His team was also responsible for supporting the development of new green products for customers.
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