HSBC suspends executive who downplayed climate change: Report

Kirk, the head of responsible investing for the bank’s asset management unit, had slammed environmental “hyperbole,” complaining that he has repeatedly had to deal with “some nut job telling me about the end of the world,” Bloomberg previously reported.

HSBC Holdings Plc has suspended executive Stuart Kirk days after he criticized the finance industry for worrying too much about climate change, according to the Financial Times. Kirk, the head of responsible investing for the bank’s asset management unit, had slammed environmental “hyperbole,” complaining that he has repeatedly had to deal with “some nut job telling me about the end of the world,” Bloomberg previously reported. He’ll be suspended while the bank conducts an internal investigation, the FT said Sunday, citing people with knowledge of the process. The bank has already distanced itself from Kirk’s comments, with Chief Executive Officer Noel Quinn calling them “inconsistent” with HSBC’s strategy. A bank spokesperson declined to comment on the report. “Climate change is not a financial risk that we need to worry about,” Kirk said Thursday in a 15-minute conference presentation. “Who cares if Miami is six meters underwater in 100 years, Amsterdam’s been six meters underwater for ages, and that’s a really nice place. We will cope with it.” Kirk, who was previously with Deutsche Bank AG, has worked at HSBC since early 2020 and took on his current role last year, where he is responsible for integrating ESG opportunities and risks in his unit.A panel of climate scientists backed by the United Nations warned in a report last month that the world may be on track to warm fast enough to transform life and societies around the world.

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