A HSBC banker answerable for accountable investing has come beneath fireplace for suggesting “apocalyptic warnings” about local weather change are “unsubstantiated”.
Stuart Kirk, of HSBC Asset Administration, made the remarks at a Monetary Instances Ethical Cash occasion on Thursday, the paper reported.
He stated that, all through his 25-year profession within the finance trade, there had all the time been some “nut job” warning him about “the top of the world”.
Mr Kirk additionally likened the local weather disaster to the millenium bug, the scary widespread international laptop glitch on the finish of 1999.
“Unsubstantiated, shrill, partisan, self-serving, apocalyptic warnings are ALWAYS fallacious,” he wrote on a slide accompanying his presentation, in line with the FT.
He’s additionally reported to have stated “who cares if Miami is six metres beneath water in 100 years?”, including: “Amsterdam has been six metres underwater for ages, and that’s a very nice place. We’ll deal with it.”
Mr Kirk didn’t query the science behind local weather change however advised HSBC traders had extra urgent issues.
His feedback come amid rising about local weather change among the many public and rising requires banks and monetary establishments to cease backing fossil fuels and to help the transition to renewable power.
Activists condemned the feedback and referred to as for Mr Kirk to be sacked.
Beau O’Sullivan, senior campaigner on the Financial institution on our Future marketing campaign, stated: “HSBC must be asking Mr Kirk to resign: his feedback are inexcusable and fully neglect the impacts of the local weather disaster being felt by the worldwide south proper now.
“Sadly, he’s most likely not the one dangerous apple inside HSBC given its document of funding local weather destruction.”
Nicolas Moreau, HSBC Asset Administration’s chief government, stated that Mr Kirk’s remarks “don’t replicate the views of HSBC Asset Administration nor HSBC Group in any method”. He added that HSBC stays dedicated to reaching internet zero emissions by 2050.
