Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Financial risks of climate change overplayed, senior HSBC banker says

Stock Markets May 20, 2022 05:01AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: The Angel of Independence monument stands next to British bank HSBC's headquarters in Mexico City July 17, 2012. REUTERS/Tomas Bravo/File Photo

By Lawrence White, Sinead Cruise and Simon Jessop

LONDON (Reuters) - Central bank policymakers and other global authorities are exaggerating the financial risks of climate change, a senior HSBC banker in charge of sustainable investments said in remarks that drew criticism from climate activists.

The bank said his views did not reflect those of HSBC as a whole.

"Unsubstantiated, shrill, partisan, self-serving, apocalyptic warnings are ALWAYS wrong," Stuart Kirk, HSBC's head of responsible investing, wrote on a slide accompanying his presentation at a conference in London on Thursday alongside quotations from bodies such as the United Nations and Bank of England warning of the risks.

Kirk said that such warnings meant his team and HSBC in general are spending a disproportionate amount of time dealing with climate risk, as opposed to other challenges.

"We've got inflation coming down the pipes and I'm being told to spend time and time again looking at something that's going to happen in 20 or 30 years, the proportionality is completely out of whack," he told the conference hosted by the Financial Times, which posted online a video recording of the event.

Nicolas Moreau, Chief Executive of HSBC Asset Management, told Reuters via a spokesperson that Kirk's remarks did not represent the company's views.

"HSBC regards climate change as one of the most serious emergencies facing the planet," Moreau said in an email sent via a spokesperson.

HSBC Asset Management oversees some $640 billion in assets, according to the company website.

Kirk did not respond to a request for comment sent via LinkedIn.

Kirk's comments drew criticism from activist groups that have campaigned for HSBC and other financial firms to reduce their funding of the fossil fuels industry and toughen their climate pledges.

"This should raise red flags to any clients of HSBC that care about net-zero," Jeanne Martin, campaign manager at responsible investment NGO Share Action, tweeted.

Beau O'Sullivan, senior campaigner on the Bank on our Future campaign, called the comments "regressive and grossly flawed", adding climate change posed a material risk to financial assets.

Financial risks of climate change overplayed, senior HSBC banker says
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Trevor Roberts
LimitUp May 20, 2022 5:55AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The truth is refreshing, cancel culture will get this guy
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email