HSBC is under pressure to fire a senior banker in charge of responsible investment after a speech in which he described climate crisis warnings as “unfounded” and “screaming”, highlighted high flood risks and complained that he had to spend time “Looking at something that will happen in 20 or 30 years.”
The bank has since been forced to condemn comments made by Stuart Kirk at a London conference on Thursday after he delivered a speech entitled “Why Investors Shouldn’t Worry About Climate Risk”, which seems to discredit efforts to raise concerns about global heating.
“I feel a little out of control, a constant reminder that we are doomed,” Kirk told FT’s Moral Money conference, where he also presented slides that said, “Unreasonable, piercing, guerrilla, self-serving, apocalyptic warnings.” They are ALWAYS wrong. ”
“Human beings have been fantastic at adapting to change, adapting to climate emergencies, and we will continue to do so. 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. “
Kirk’s comments come amid growing concerns about record heat waves in countries like India, which have become much more likely due to global warming and have led to deaths, crop losses and water and electricity shortages. Other recent analyzes have shown that devastating floods in South Africa and Europe, heat waves in North America and storms in Southeast Africa have been exacerbated by the climate crisis.
Kirk, a former editor of the Financial Times’ Lex column, also complains about the resource he says HSBC spends on climate risk assessment.
“[In] 25 years in the financial industry, there’s always someone crazy telling me about the end of the world… But what worries me about this is the amount of work these people make me do, the amount of regulation that comes through the pipes, the number of people on my team and at HSBC dealing with the financial risks of climate change, ”said the banker.
Kirk, who has led HSBC’s responsible investment management for 11 months, added that these risks are “heresy”.
“I work for a bank that has been attacked by cryptocurrency. We have regulators in the United States trying to stop us. We have a problem with China. We are facing a housing crisis. We have a rise in interest rates. We have inflation going through the pipes and I’m being told to take the time … to watch something happen in 20 or 30 years. Proportionality is therefore completely unsuccessful. “
Activists call on HSBC to fire a banker. “HSBC should ask Mr Kirk to resign: his comments are unforgivable and completely ignore the effects of the current global climate crisis,” said Bo O’Sullivan, a senior contributor to the Bank’s campaign for our country. future campaign.
“Unfortunately, it is probably not the only bad apple at HSBC, given its history of financing climate destruction.
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An HSBC spokesman declined to comment on whether Kirk was disciplined or could be at risk of losing his job as a result of the presentation, saying he would not comment on individual employees. The spokesman also declined to confirm whether anyone else at the bank had seen or signed his speech or slides before the event.
HSBC Asset Management CEO Nicholas Moreau said in a statement that Kirk’s remarks “do not in any way reflect the views of HSBC Asset Management or HSBC Group” and reaffirmed the bank’s commitment to reach net zero emissions by 2050.
“HSBC sees climate change as one of the most serious emergencies facing the planet and is committed to supporting its customers in their transition to a net zero and a sustainable future.”
They contacted Kirk for comment.
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